July 13, 2024

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Kusama (KSM) Eyes To Replicate Aave’s Strength, Can Price Flip $45 Resistance?

2 min read
Kusama (KSM) Eyes To Replicate Aave's Strength, Can Price Flip  Resistance?
  • KSM’s price struggles to hold above key support as price trades in a downtrend channel as price eyes a possible breakout. 
  • KSM continues to struggle as prices get rejected in a downtrend price channel after losing support to bears. 
  • The price of KSM trades below $45 for the first time after a while as the price continues its movement below 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. 

Kusama (KSM) hasn’t looked as strong as it should, as the price has lost its key support and has tested it several times against tether (USDT). With the price of Aave attempting to gain traction, it was expected that Kusama (KSM) would follow suit, but the crypto market has a way of turning things around. With so much uncertainty in the crypto market, this could be a significant factor, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, with the price of KSM experiencing a delayed movement. (Data from Binance)

Kusama (KSM) Price Analysis On The Weekly Chart

Most projects have fared poorly in the bear market, with many experiencing price declines of more than 50%, discouraging most traders and investors from stockpiling these assets.

With Bitcoin’s dominance (BTC.D) increasing, the price of most crypto assets may suffer. If BTC.D rises above 45%, altcoins will fall further with each minor price rejection for BTC.

Following a rally to a high of $600, the price of KSM encountered resistance to trend higher to a new all-time high, as the price has struggled to replicate such price action, with the price experiencing more of a downtrend than an uptrend.

The price of KSM saw a rejection to a weekly low of $43 as the price has since struggled to bounce off from this low to a high of $60. 

Weekly resistance for the price of KSM – $45.

Weekly support for the price of KSM – $30.

Price Analysis Of KSM On The Daily (1D) Chart

In the daily timeframe, the price of KSM continued to struggle as bulls could not defend the key support region of $45.

After falling to a low of $37, where the price formed good support, KSM rallied to a high of $47, where it was rejected, and has since moved in a downtrend channel with no buy volatility.

The price of KSM needs to break out of its downtrend in order to trend higher; if this structure holds, the price could drop to $30.

Daily resistance for the KSM price – $45.

Daily support for the KSM price – $37-$30.

Featured Image From zipmex, Charts From Tradingview