Price Analysis

Kusama Price Analysis: Reversal within Narrow Range may Lead 16% loss

A high volume reversal from $88 resistance suggests a revisit to the lower low of $63.8. Should you keep holding KSM?
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Kusama Price Analysis: Reversal within Narrow Range may Lead 16% loss

Responding to the ongoing uncertainty in the crypto market, the Kusama(KSM) price has been resonating within the $88 and $63.8 levels for the past three weeks. However, a possible breakout from this range should end the wavering consolidation and trigger a directional move. 

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Key points: 

  • The KSM price faced significant resistance from 20-day EMA
  • The KCS chart shows a shooting star candle at $88 resistance
  • The intraday trading volume in the KSM is $192.6 Million, indicating a 65% gain

Source- Tradingview

On April 2nd, the KSM buyers’ failed attempt to surpass the $205 resistance triggered a minor correction. Therefore, the falling price sank 34% lower and hit the March bottom support of $115.

However, the May 2022 sell-off in the crypto market bolstered KSM sellers to breach the $115 support. On May 8th, this support fallout extended the ongoing correction and tumbled the altcoin by another 20% to a low of $63.8.

Furthermore, the coin buyers have been struggling to breach the immediate resistance of $88 for the past three weeks resulting in a minor consolidation. Today, the KSM price presents its third retest to the overhead resistance, but a high wick rejection attached to the daily candle suggests another reversal.

Thus, a bearish reversal could plunge the KSM price 16% lower to $63.8 support and continue a range rally for a few more sessions,

On a contrary note, a possible breakout from the $88 resistance would drive the altcoin to the $115 mark.

Concluding, the interested traders should wait for range breakout for better confirmation of their trade.  

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Technical indicator

ADX- The falling trend in the ADX slope continues as the bullish reversal awaits the price confirmation with the $88 breakout. Traders can expect an increase in trend momentum after the bullish breakout. 

RSI-  A bullish divergence after the reversal from the oversold region in the daily-RSI chart supports the $88 bullish breakout theory.

  • Resistance levels- $88, and $115
  • Support levels- $63.8 and $47.5
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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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