KSM Technical Analysis: Uptrend Soon to Touch $450

25.10.2021 10:49 am

KSM coin price gains bullish momentum as it gives a bullish breakout of the rising channel. As a result, it may soon touch $450.

Kusama has on-chain governance capabilities, just like Polkadot. This on-chain governance can be both decentralized as well as permission-less. Anybody with Kusama (KSM tokens) or parachain tokens can vote on the respective governance proposals.

These might include possible upgrades, protocol changes, and feature requests. This on-chain governance procedure works four times faster than Polkadot’s, taking just 15 days for voting and enactment. This enables Kusama to develop projects at a rapid pace.

Let us now take a deep look into the technical analysis of Kusama’s cryptocurrency.

Past Performance of KSM

With the sudden increase in demand near the psychological support level of $300, the KSM coin price has risen higher in a rising channel. However, fortunately for the bulls, the coin price breaks above the rising channel with a bullish engulfing candlestick. This is due to the burst in buying pressure evident by the increase in trading volume.

KSM Technical Analysis

At press time, the KSM coin price stands at $409.88, with a price jump of 7.25% in the past day. Furthermore, the trading volume stands at $206 Million with a leap of 100% compared to yesterday.

The $450 mark and the $525 mark are the upcoming obstacles in the bull run indicated by the Pivot Points. And on the flip side, the $350 can act as a support level, followed by the psychological support of $300.

The MACD indicator in the daily chart generates bullish signals. Due to the increasing MACD and signal lines in the positive segment coupled with the jump in bullish candles. Furthermore, there is no divergence insight, proposing a strong bullish trend in KSM coin price.

The RSI indicator projects a rise in bullish powers as the slope climbs higher in a steep incline. However, upon reaching the overbought territory, we can see a short retracement as the retest of the bullish breakout.

Upcoming Trend

The boom in the buying pressure gives rise to a lucrative buying opportunity proposing a target of $500 for KSM in the upcoming weeks. However, safe traders can wait till the breakout of the $450 mark to avoid any fallouts in Kusama cryptocurrency.

Source

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