KUSAMA Price Analysis: Is KSM Price Swinging For A New Low?

By August 24, 2022Polkadot
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KUSAMA Price Analysis
  • Kusama price is currently seeing a consolidated trend and may see a new low. The asset price has seen a gain of 3% in the intraday session
  • Technical indicators of the KSM supports a downside move in price for the future. Meanwhile, KSM/BTC pair has seen a gain of 2.94% in the intraday session.

KUSAMA is called “Polkadot wild cousin”. It is an experimental blockchain platform which is made to provide an interpolable and scalable framework for new developers. It is built on Subsrate which is developed by Parity technology. It has also the same codebase as Polkadot. The platform is designed to provide a testbed for developers looking to innovate and deploy their own blockchain and can be used as a preparatory network before launching on Polkadot. It was built by the same team which created Polkadot. The ROI of the asset price is 2800% which has benefitted various people.

Kusama is currently ranked 85th in the CMC and has the market cap of $421,750,310. The volume of the coin has seen an upside of 52% in the past 24 hours. Volume to market cap ratio of the asset price suggests a downside trend for the future.

Technical Indicators Of KSM Are Favoring Bears

Source: KSM/USDT by Trading view

The weekly technical chart of the Kusama is seeing a consolidated trend. On coming to the daily chart, the asset price is near $50 with a gain of more than 3.8%. The asset price is currently trading below the 100 and 200 Daily Moving Average. If the asset price crosses above 100 DMA then a strong upside momentum can be seen in the future. The support for the Kusama can be seen near $35. Meanwhile, the resistance of the asset price can be seen near $75.

RSI: RSI of the asset price is currently 34 suggesting its presence in the oversold zone. Meanwhile there is a negative slope formed in the RSI suggesting a downside trend. The overall sentiment of the RSI is bearish.

Conclusion

Kusama is the wild cousin of Polkadot. It has seen various projects developing on its platform. It is currently consolidating but can see a new high in the future.

Technical Levels

Major Support: $40

Major Resistance: $70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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