Following an over 250% surge in the last three weeks, KSM recovered fully from the dip to an eight-month high. It is losing grip after failing to sustain pressure, although the trend remains bullish daily.
Starting this month weak due to the late October drop, KSM managed to create support above the $15 level and regained momentum. It rose for a week and paused buying following a rejection. After a three-day drop, it bounced back and formed a higher high and higher pattern.
This pattern led to a primary breakout on Friday and the price exploded massively to $52 yesterday. The bulls reiterated actions today as they pushed to $53.5 but failed to sustain momentum due to sudden sell-offs.
Meanwhile, yesterday’s surge marked the crypto’s highest daily buying volatile session ever. That session alone sparked a mind-blowing 120% gain in a single day – characterized by an engulfing candle.
Yes, the bulls are fully back in control of the market from a technical perspective. But looking at such a pump, which is mostly followed by a massive dump, the crypto may undergo a broader retracement phase before resuming upsurge.
As seen on the daily chart, KSM is seriously rolling back gains as it looks for solid ground to initiate a fresh surge. Once it finds support, we can expect buying to resume at full speed.
KSM’s Key Level To Watch
Source: Tradingview
If KSM recovers from the current drop, it must retake $45 and the daily rejected $53.5 high. $61.2 is the next resistance level to watch if the price breaks up.
The key level for support right now lies at $33.6. If it fails to provide a rebound, the lower support levels to consider for drops would be $26.8 and $22.7. There is also support at $19.45 in case of further drops.
Key Resistance Levels: $45, $53.5, $61.2
Key Support Levels: $33.6, $26.8, $22.7
- Spot Price: $38.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
