During last week’s sell-off, Kusama’s price dropped heavily and broke below its 7-month low. It recovered this week with a potential retest at a recent breakdown level. The price is up 3% today as the sellers take a break.
This week has been a sigh of relief for KSM compared to a massive price explosion that hit the overall crypto market last week. The bulls are taking advantage of this moment amidst the latest suspense in selling.
From a seven-month low of $20, the price has increased by almost 15% to $22.97 at the time of writing. The $24 level, which is a key retest point to watch, is much more likely to reject the positive actions. More bearish action is likely to play.
Another thing to consider for a bearish continuation on the daily is the descending trendline that has been forming since February. A rejection at the trendline could trigger more leg down in the future.
Though the bulls have managed to defend the crucial $21.7 level over the past few days. If the weekly candle closes well above the trendline, we can expect a steady rally towards the $30 level. With the current setup, there’s no strong sign of bullish action on the daily chart.
KSM’s Key Level To Watch
If KSM flips the $24 resistance level, there’s another one to keep in mind at $26, located above the trendline. A further push above the resistance could bring more recovery to $28.5, where it initiated a drop in the past week.
Following the past days of recovery, the $21.7 and $19.6 levels are holding supports to keep an eye on. If those price levels fail to provide support, the asset may drop to $18 as the new low.
Key Resistance Levels: $24, $26, $28.5
Key Support Levels: $21.7, $19.6, $18
- Spot Price: $22.9
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.