KSM Technical Analysis: Bullish Reversal Stuck At Launchpad
Key technical points:
Past Performance of KSM
KSM prices failed to halt the downtrend starting after the rejection faced at the psychological mark of $200, resulting in a landslide in market price. The decreasing market value crosses under $150 and accounts for a 35% fall last month.
Source-Tradingview
KSM Technical Analysis
The KSM price action shows a falling channel pattern with a bullish engulfing candle forming at the support trendline to undermine the last day’s fall. However, the lack of bullish commitment is evident in the loss in trading volume.
The falling trend of the crucial daily EMAs continues to grow apart and increase the bearish spread. Hence, the EMAs continue to play the dynamic resistance part.
The MACD and signal lines continue to grow closer within the negative territory as the downtrend cools off with decreasing selling pressure. Thus, the indicator suggests the possibility of a bullish crossover.
The RSI value continues to grow above the oversold boundary and approaches the 14-day average reflecting a bullish reprise. Unfortunately, the bulls fail to find a divergence in the past two dips at the support trendline. Nonetheless, the reversal marks a bullish spark.
In a nutshell, KSM technical analysis shows a considerable possibility of a bullish rally within the falling channel.
Upcoming Trend
KSM coin price finds support at the descending support trendline as the buyers reclaim demand over trend control, bringing the possibility of a price jump to the $150 mark. However, an increase in trading volume is a must to support the bullish rally.
Support Levels: $125 and $110
Resistance Levels: $150 and $175