KSM Technical Analysis: Can Support Trendline Sustain The Uptrend?
Table of contents
Key Technical Points:
Past Performance of KSM
As mentioned in our previous analysis, KSM price action sustains above the $60 support level and the ascending trendline in motion. The recent bearish retracement has decreased the inflation rate over the last two weeks from 45% to 35%. Moreover, the drop in the trading volume during the correction phase supports the reversal possibility.
Source - Tradingview
KSM Technical Analysis
The KSM price chart shows a drop to the support trendline today but the lower price rejection in the daily candle. Hence, despite the downfall in the last two days, the price action supports the reversal possibility.
The RSI slope shows a double bottom reversal in the nearly overbought zone falling to the 14-day average line. If the RSI slope drops below the middle line, the possibility of a downfall below the support trendline increases
Moreover, the MACD indicator showcases a drop in the buying pressure as the bullish histograms decreases. Hence, the possibility of a bearish crossover between the fast and slow lines increases.
In a nutshell, the KSM technical analysis shows the high likelihood of a bullish reversal reaching the $82 mark.
Upcoming Trend
If the KSM price finds bullish momentum after the upside reversal from the support trendline, the market value may shoot up to the $82 mark.
However, a downfall below the support trendline and the $60 support level to the next psychological support level of $50 is possible.
Resistance Levels: $82 and $100
Support Levels: $60 and $50