Kusama Price Analysis: Will KSM Bulls Successfully Break out of the Range-Bound Area?

• Kusama Price is trying to escape the range-bound area over the daily chart.
• The crypto asset has recovered till 20 SMA and is trying to recover above 50, 100, and 200-days Daily Moving Average.
• The pair of KSM/BTC is at 0.002599 BTC with an intraday gain of 7.24%.

The Kusama price has been stuck inside the range-bound area since 13th May over the daily chart. The token is trying to escape the range with a strong uptrend momentum over the chart. Kusama coin is trading with strong uptrend momentum under the influence of bulls. KSM investors need to wait for the token’s recovery phase as it is preparing to register its breakout. Kusama is trading with a steady uptrend momentum over the daily chart. Trading volume signifies that KSM is under the control of bulls and is heading upwards to register its breakout. 

Why to Invest in Kusama?

Kusama, founded in 2019, came to light as a “canary network” for Polkadot. Canary- the term came from the canaries, which miners used to detect some harmful gases in coal mines quickly. Resembling the Cryptocurrency mining with Coal mining. Basically, the use case of Kusama coin is as a public pre-production environment for Polkadot. It’s the one that authorizes any developer to investigate and examine newly formed blockchains or applications before releasing them on the network.

If we talk about whether to invest in Kusama crypto or not, investors must know that Kusama holds a bright future in 2022. It’s being proved by the current developments happening within the KSM ecosystem; additionally, in the crypto market, we may expect KSM to skyrocket by the end of 2022.

Moving back to the Technical Analysis of Kusama Coin:

Kusama price is presently CMP at $82 and has gained 7.39% of its market capitalization in the last 24-hour period. Meanwhile, trading volume has increased by 40.00% in the intraday trading session. This shows that KSM bulls are accumulating themselves; they need to accumulate faster to register the token’s breakout by the end of the intraday trading session. Volume to market cap ratio is at 0.2076. 

KSM coin has recovered upto 20 SMA lines and is now preparing for 50, 100, and 200-days Daily Moving Average as soon as it breaks out of the horizontal range-bound area. However, Volume change can be seen below average and needs to grow for KSM coin to register its breakout in the intraday trading session. 

Long-Term View

According to Fib-Retracement, the long-term view of Kusama coin can be seen over the daily chart. The two upcoming levels to be attained by Kusama coin in the future are highlighted and are as follows. First, the KSM coin needs to attain the first level of $800, and Fib-retracement shows the token’s potential that it will definitely hike towards the level in the future. 

Afterward, KSM coin may hike towards the second most important level, which is of $1250. Kusama investors must look forward to investing in the token to get maximum returns in the form of maximum profits. Some analysts claim Kusama holds maximum potential in the coming future of the cryptocurrency world.

Kusama Coin: Technical Analysis

The Kusama coin price is trying to escape the consolidation phase over the daily chart. KSM investors need to wait until the token registers its breakout from the horizontal range-bound area. 

Technical indicators, like EMA Ribbon, suggest that the token’s price is below the EMA lines, so the trader is a seller at the moment. Kusama needs to attract more buyers to let prices cross the EMA line upwards to convert traders to the buyers. This time KSM coin price is heading towards the EMA ribbon to cross it upwards to increase buying and let traders be buyers. 

Relative Strength Index showcases that KSM coin is heading towards neutrality. RSI is about to reach neutrality that is level 50 and presently RSI stands at 45. 

MACD exhibits the uptrend momentum of KSM coin inside the horizontal range-bound area. The MACD line is ahead of the signal line approaching zero to enter the positive zone. 

Conclusion 

The Kusama price has been stuck inside the range-bound area since 13th May over the daily chart. The token is trying to escape the range with a strong uptrend momentum over the chart. KSM investors need to wait until the token registers its breakout from the horizontal range-bound area. The two upcoming levels to be attained by Kusama coin in future are $800 and $1250. Fib-Retracement exhibits the strong potential of KSM coin over the chart. KSM investors must have faith and gather forces to let KSM price skyrocket in the future. The Kusama ecosystem proved to be very promising in the cryptocurrency world. 

Technical Levels

Support Levels: $65.00

Resistance Levels: $90.00

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.

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