KSM Technical Analysis: Price Is Below the First Fibonacci Resistance Level of $504.61
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KSM Technical Analysis: Price Is Below the First Fibonacci Resistance Level of $504.61

May 13, 2021      Ankita Awasthi

Kusma is a highly scalable blockchain network forked from the Polkadot codebase. It allows users to deploy Polkadot easily and build innovative decentralized apps. It is fast and has low economic barriers thereby providing a high-quality user experience. KSM is the main governance token of this ecosystem and the technical analysis is as follows:

Past Performance

On May 6, 2021, KSM opened at $428.45. On May 12, 2021, KSM closed at $465.37. Thus, in the past week, the KSM price has increased by roughly 9%. In the last 24 hours, KSM has traded between $429.50-$517.79.

https://s3.tradingview.com/snapshots/d/dqYv3gQJ.png

https://s3.tradingview.com/snapshots/d/dqYv3gQJ.png

Day-Ahead and Tomorrow

Currently, KSM is trading at $502.27. The price has increased from the day’s opening price of $461.27. Thus, the market seems to be healthy.

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The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Therefore, we can expect a price pullback amidst an overall rising price trend.

Currently, the RSI indicator is at 57%. It faced rejection at 48% and rose to the current level. Thus, buying pressures are high. Hence, the price will rise further, but intermittent price pullbacks cannot be ruled out.

The A/D line is upward sloping. Thus, whale accumulation is higher than whale distribution. Hence, the A/D indicator is giving further credence to the bullish signals given by the MACD and RSI oscillators.

KSM Technical Analysis

In a nutshell, the bullish trend will continue with intermittent price pullbacks as corrective price actions.

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Currently, the KSM price is below the first Fibonacci resistance level of $504.61. It may fall up to the Fibonacci pivot point of $470.89 before rising again.

The price may soon test and fall below the 23.6% FIB retracement level of $496.95. However, as the bulls are strong as of now, we can expect the price to retest and break out of this level by day end. In that case, the price uptrend is likely to continue tomorrow as well.

#KSM #Kusma
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.