KSM May Surpass $264, Bull-Run Ahead – Technical Analysis
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KSM May Surpass $264, Bull-Run Ahead – Technical Analysis

February 25, 2021      Ankita Awasthi

On February 16, 2021, the KSM price had soared by 70% within a day. The price rise was mainly due to the excitement of crypto investors or miners for the Kusama (KSM) and Polkadot (DOT) ecosystems ahead of the anticipated parachain auctions.

Past Performance

KSM opened at $225.05 on February 20, 2021. As of February 24, 2021, KSM closed at $242.61. Thus, the KSM price has surged by approximately 8% in the past five days.

In the past 24 hours, the KSM price has been fluctuating between $230.47 and $254.85.

KSM Price Analysis

https://www.tradingview.com/x/knaA2T1k/

KSM Price Levels to Watch

Today, the KSM price opened at $242.53. Currently, KSM is trading at $244.78. Even though the price rise isn’t steep, the market overall looks positive.

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The RSI indicator is at 76%. It is in the ‘overbought’ region indicating high buying pressures. It is a good time for swing traders to go short. We can expect the price to shoot up, as high buying activity will exert upward pressure on the price.

The OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. However, the A/D indicator is rising. This means whale accumulation is more than distribution. Thus, we can expect the price to go up with some intermittent price pullbacks.

The MACD and signal lines are positive. A bearish crossover by the MACD line over the signal line indicates price corrections in the KSM market. Some temporary price pullbacks can be expected amidst the overall bullish trend.

Currently, the price is trading at the first Fibonacci pivot resistance level of $249.23. By the end of the day, we can expect the KSM price to break out of the subsequent Fibonacci pivot resistance levels of $254.09 and $261.95 respectively.

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The price has already broken out of the 38.2% and 23.6% FIB retracement levels of $245.54 and $250 respectively. By the end of the day, the price may surpass the 38.2% FIB extension level of $264.16. Thus, the bull-run is expected to continue today as well as tomorrow.

#KSM #Kusama
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.