Kusama Price Analysis: The Bears are Making KSM Price Sink

  • On the daily price chart, the KSM price is moving inside of a falling wedge pattern, and it appears that the bears are trying to manipulate the market.
  • The KSM price is moving above the 20 and 50 days moving average and is about to approach the 100 days one.
  • The KSM/BTC pair is at 0.002872 BTC which is at a loss of 1.03%.

The KSM price is moving inside a falling wedge pattern over the daily price chart. It looks like the bears are manipulating the price as the price is continuously falling and needs bulls or else the bears will succeed in registering a successful breakdown which will let the KSM price to fall below the support level of $40.

The coin needs to attract some buyers in order to pump the price and register a breakout, while the current situation looks in favor of the bears and they are pushing the price towards the lower arm and may possibly make a breakdown, as the trading volume is at a decline of 23% in just 24 hrs. This needs to be taken care of by the bulls before it’s too late to make the coin recover.

The current price for one KSM coin is moving at 64.99 USD with a loss of 4.13% in its market capitalization in the last 24 hrs. The coin has a trading volume of 52 million which is at a loss of 23.69% in the 24 hrs trading session and has  a market cap of 550 million. The volume market cap ratio is 0.09515.

KSM’s Short-term Forecast

While analyzing the chart for a short term (4 hrs) we can observe an initiation of bearish movement.

The MACD indicator shows the sellers are dominating the market and now the sellers signal line is moving above the buyers line along with the histograms dropping red. In support of the above statement the relative strength index is diving as the bearish pressure is getting on the nerves of the market and now the investors are facing a hard time. The RSI value is below 60.

Conclusion

The KSM price is moving inside a falling wedge pattern over the daily price chart and it looks like the bears are manipulating the price. The coin needs to attract some buyers in order to pump the price and register a breakout, while the current situation looks in favor of the bears. The technical indicators bend over the side of bears so thai is not a right time to make an entry to the market so the investors need to wait for any reversal.

Technical levels

Resistance levels: $74.57 and $88

Support levels: $57.74 and $53.6

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.