The recent correction saw Kusama, KSM through a 50% drop near $33.5 this week, marking its lowest price level in a month. Following a sharp rejection, it bounced slightly and held the weekly low as temporal support.
Following last week’s drop from around $40, KSM crossed over into this week’s bearish and slipped to a low of $33.6 on Tuesday. It bounced off and stayed indecisive for two days.
Volatility increased a bit yesterday and the price increased to a trading level of $38 before retracing briefly to around $37 at the time of writing. Meanwhile, it appeared to have found support and is now looking poise for an upward movement.
A weekly close above $38 could bring a significant recovery in the market. Pushing through last month’s high in the recovery phase could trigger a breakup, which could in turn lead to a second phase of buying in the mid-term.
So far, it has lost almost half of its price during this period of correction, which is now temporarily paused due to a slight upsurge. The bulls are showing interest but there’s not much buying volume to fuel an increase right now.
If the price drops below the current monthly low, we may see a bigger loss in the future before it bounces back.
KSM Key Level To Watch
KSM currently facing the $38 resistance level. An increase above the it could allow recovery to $44. There’s also resistance at $47.2. If the price overcomes that resistance, the $50 level is the next resistance to watch.
If the price drops off the weekly $33.6 support, the potential levels to watch for support are $28.5 and $24. The broader correction level to keep in mind is $20 in case of more drops.
Key Resistance Levels: $38, $44, $50
Key Support Levels: $33.6, $28.5, $24
- Spot Price: $37.7
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/kusama-price-analysis-prediction-january-28-ksm-finds-support-after-50-correction-time-for-rebound/