Kusama (KSM), a cryptocurrency that has almost the same code base as Polkadot, has set a new all-time high (ATH). Specifically, KSM broke the bullish price of $ 609.03 with a growth rate of almost + 40% in the last 7 days.
This aggressive crypto performance took place amid the bear market in recent days. In fact, KSM surprised the crypto market when it successfully repelled and raised its position despite the bear market.
In addition to the aggressive performance of crypto, there are also other factors that drove KSM’s price surge. For example, the upcoming parachain auction launch, KSM’s current collaborations with other networks, and KSM’s engagement features. These examples are just a few of KSM’s activities that triggered its current price increase.
BEAKING: Update v0.9.1 approved by the council and it is now a public referendum, accelerated to end on Friday ~ 12pm CEST. This update includes the code for parachutes, auctions and group loans, reduces the minimum transfer acquired by 100x and reduces fees / deposits by 50x.ₑₓₚₑcₜ cₜ.
– kusama (@kusamanetwork) May 12, 2021
Regarding its position in the market, KSM is among the top 50 cryptocurrencies on CoinGecko. As a result, the market capitalization of crypto stands at more than $ 5 billion.
Based on the chart above, KSM was able to maintain its uptrend position despite wild market volatility. Also, the above chart shows KSM’s growth rate record of over + 500% from February to May. If this uptrend continues, the crypto could hit the bullish price of $ 700 in no time. In truth, global investors favored this price level.
However, the crypto’s Relative Strength Index (RSI) is already at the 65.1 level. In other words, Kusama is almost overbought. In this case, traders and investors need to be careful when trading to avoid losses due to an unexpected price reversal.
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This article was first published on coinquora.com
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