Kusama dropped to a key support area last week and suspended bearish pressure after shedding a huge loss in the past three months. It showed signs of recovery today after consolidating for more than a week.
One of the biggest losers in the past months of trading, Kusama saw a serious dipped earlier this month and entered an extremely oversold zone on the daily chart.
After the coin found support around $24 last week, the selling pressure subsided and remained calm ever since. Despite that, the trend is still in favour of the sellers.
Currently, the bulls are taking advantage of the calmness as they attempt a push towards the $27 level but faced a small rejection around that level. The price pulled back to look for a rebound.
KSM’s bears could release more pressure if the bulls fail to reiterate actions in the next couple of days. The $22 level could be an area of interest for selling if that happens.
However, the major reason for this increase lies in the sudden surge in Bitcoin’s price – as seen clearly in the hourly time frame. A bearish continuation could be the case for KSM if the leading coin plummet.
For now, the bearish trajectory remains intact for KSM as it losses 50% precisely since it initiated drops in February. It remains the 136th best-performing coin with a market cap of $216 million at press time.
KSM’s Key Level To Watch
The current positive action is not enough to drive a recovery. If the price increases, the potential recovery level to keep an eye on is $29. Above the resistance line lies the $32 level before rising to $35.6.
For a continuation, the closest level for drops lies at $23. If this level fails, the $21.7 and $20 support would be the next level to watch.
Key Resistance Levels: $29, $32, $35.6
Key Support Levels: $23, $21.7, $20
- Spot Price: $26
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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