- Kusama price is trading with strong downward momentum and is trading towards the lower range of the consolidation phase over the daily price chart.
- KSM Crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of KSM/BTC is at 0.002523 BTC with an intraday drop of 1.70%.
On the daily chart, Kusama price is currently trading with significant decline momentum as it attempts to hold at the current level. The price of KSM coin has been stabilizing between $55.00 and $70.00. As a result of getting caught in the grasp of short sellers, the token is currently trading toward the lower range of the consolidation phase. For KSM crypto to avoid slipping below the lower range of the consolidation period, it must escape the grasp of the short-sellers. To recover the token before it crosses through the lower range, KSM bulls must gather themselves.
Kusama price is now CMP at $60.12, having lost 5.55% of its market value over the previous 24 hours. However, the trading volume has decreased by 23.88% during the intraday trading session. This shows that even though KSM is in a decline, it has the potential to hold above the lower level and keep the token from falling too much. Volume to market cap ratio is 0.06198.
For the KSM coin price to remain above the consolidation phase, it must maintain its present level. According to the volume bars, KSM currency is now trading under the control of bears. The volume change is still below normal, therefore bulls must exert all of their strength in order to control volume and enable KSM to hold. KSM cryptocurrency is now trading beneath the 20, 50, 100, and 200-day Daily Moving Averages.
What do Technical indicators suggest about KSM Crypto’s Recovery?
To prevent a substantial decline on the daily chart, the price of the KSM coin must remain above the lower price range of the consolidation phase. Technical indications point to the KSM coin’s downward trend momentum.
The relative strength index clearly shows the KSM coin’s bearish momentum. At 47, the RSI is approaching oversold territory. The KSM coin’s decline momentum is visible on the MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in KSM must watch the daily chart for any directional changes.
Conclusion
On the daily chart, Kusama price is currently trading with significant decline momentum as it attempts to hold at the current level. The price of KSM coin has been stabilizing between $55.00 and $70.00. As a result of getting caught in the grasp of short sellers, the token is currently trading toward the lower range of the consolidation phase.The volume change is still below normal, therefore bulls must exert all of their strength in order to control volume and enable KSM to hold. After a negative crossover, the MACD line is lower than the signal line. Investors in KSM must watch the daily chart for any directional changes.
Technical Levels
Support Levels: $57.80 and $55.00
Resistance Levels: $65.00 and $70.00
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.
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/2022/08/12/kusama-price-analysis-ksm-under-sellers-ambush-whats-the-bulls-plan/