Kusama price prediction indicates that the KSM token may see further depreciation in its value within the next few months. Presently, the KSM price is down by 12.52% over the past 7 days and according to the price action, it can see a further decline of approximately 16.52% or more.
At present, the bears are in charge of the trend where they are maintaining firm command over the price action. Although the bulls attempted to take control, the price made a double-bottom pattern around $22.00. Kusama price made its recent high near $48 gaining more than 98% of its value. Despite the bullish optimism, the buyers were unable to break above 200 EMA, and bears regained supremacy over the price action on the 1-day chart.
Kusama is an early unedited, unrefined release of Polkadot Kusma acts as a proving ground for the users to try out Polkadot’s governance, staking, nomination, and validation functionality in a real environment. It also allows the developers and teams to build and deploy a para chain.
At the time of writing, the value of KSM is $23.96 and with a market capitalization of around $203.64 Million.
Major Surge In Reddit Volume, Drop In Overall Parameters.
Multiple social media metrics on LunarCrush suggest a decline in the community’s interest in the token across the majority of social media platforms. Total bullish sentiment metrics recorded a drop of 62.75%. An 18.47% fall in the 24h trading volume was also observed over the week.
Despite the fall in major metrics of LunarCrush, the Reddit volume surged by 233.3%.
The RSI oscillator is moving below the median line on the one-day chart. The current value of RSI is 45.57 points, whereas the 14 SMA is providing resistance to it at 51.93 points.
The stochastic RSI approached the demand zone, which suggests that the KSM token is undervalued. The value of the stochastic RSI is 9.12 points. The %K and %D lines give a bullish crossover below, momentarily.
Conclusion
The analysis of the price action of KSM suggests that it is moving under the bear’s influence on the daily timeframe. The oscillators are presenting opposing views though the long-term trend for Kusma crypto is bearish.
Buyers are presently trying to sustain the present Kusama price. The stochastic RSI suggests that KSM token is undervalued. KSM price may rise within a week.
Technical levels –
Support – $20.00
Resistance – $30.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/09/kusama-price-prediction-will-ksm-price-fall-below-20/