Polkadot (DOT) and Kusama (KSM) Technical Analysis: Will Sellers Step Up?

By November 24, 2021Polkadot
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Polkadot (DOT) and Kusama (KSM) Technical Analysis: Will Sellers Step Up?

Table of contents

Polkadot and Kusama's price actions mirror each other. DOT and KSM are steady above $40 and $325, respectively, though bears have the upper hand.

The interoperable blockchain is for launching quality, high-value projects, and DOT is the native currency.

The Polkadot coin price is stuck in a sideways movement, tethering at $40. As per the DOT technical analysis of the daily chart, this is bullish, pointing to resilient buyers.

The path of the least resistance for the DOT crypto is still northwards as long as $40 holds.

However, for buyers to take over, there must be a strong push above$43, which would reverse November 18 losses.

In that case, DOTUSDT bulls might have a chance to further unwind losses of November 16 as prices expand, rising from the critical support line.

Polkadot Daily Chart for November 24

There are hints of strength from the daily chart.

Nonetheless, price action is skewed for sellers in the short term despite the project's solid fundamentals.

As mentioned earlier, a high volume close below the main support line at $40 could see DOTUSDT tank to $30—around the 61.8 percent Fibonacci retracement level of the H2 2021 swing high and low.

Still, the DOT token might recover if there is a push above $43—the resistance level of the current minor consolidation.

The platform has the same architect as Polkadot and is the latter's experimental ground. KSM is native to the blockchain.

The Kusama coin price is sinking under the weight of determined KSM token sellers. Sellers have the upper hand from the daily chart as prices trend below the 20-day moving average.

Although Kusama's fundamentals might be solid, KSM crypto prices are under pressure.

As per the KSM technical analysis, the coin is within a bear breakout pattern as sellers target the primary support at $280.

A reprieve for Kusama crypto is underway if prices stymie losses and bounce back above $380.

Kusama Daily Chart for November 24

From the daily chart, there are a series of higher highs relative to the lower BB.

However, a clearer trend definition from a bullish perspective is if buyers drive prices above $380—this week's highs.

In that case, KSMUSDT may expand to $400—or better — in a retest of the middle BB. If not, KSM token risks sinking below $325 towards $280 as sellers double down.

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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