KSM coin price experiences an extreme surge in underlying bullishness. The bullish range breakout seems imminent leading to a potential bull run.
Kusama is unique among blockchain platforms as it is primarily designed for developers looking to launch bold and ambitious projects with a fast-evolving development pace. The same team created it as Polkadot, which is now known as Parity Technologies.
It is built on a multichain, heterogeneously-sharded design that uses a nominated proof-of-stake consensus system.
Let us now look at the detailed analysis of Kusama cryptocurrency.
Past Performance of KSM
KSM coin price has been moving in a sideways trend since September 20, 2021. The formation of consolidation generally leads to an accumulation of trend momentum. Hence, the breakout of this range will lead to a boom in trend. Moreover, the recent higher low formation indicates a bullish breakout.
KSM Technical Analysis
KSM cryptocurrency is currently at $345 as of writing. Additionally, the price has fallen by 3.36% in the last 24 hours. Thus, retracing the price back to the support curve. Moreover, the fall was not supported by volume as it fell by 40%.
The 4-hour chart shows the coin price is trading close to the resistance level of the consolidation. Furthermore, the recent higher low might soon result in a successful bullish reversal.
As per price action, the KSM Coin price might find support at $415 or $36. However, upon bullish reversal, resistance close to $325 and $300 might push it down.
MACD and signal lines on the daily chart rise higher, but they are still below the zero line. However, the lines generate a bullish crossover with the recent rise in the bullish histograms. Hence, the indicator gives a strong buy signal.
The slope for the RSI indicator rises with higher highs above the daily chart’s central line. Therefore, RSI indicates a strong bullish signal.
As per the Kusama technical analysis, the situation is incredibly bullish for KSM crypto. Furthermore, the price action indicates a quick bullish reversal leading to the bullish range breakout. Therefore, the breakout of the resistance level can be an excellent bullish entry spot for traders.
#Rising #Bullishness #Leading #Range #Breakout