KSM Technical Analysis: Reversal From $60 Ready To Cross 100-day SMA
Table of contents
Key Technical Points:
Past Performance of KSM
As mentioned in our previous analysis, the Kusama (KSM) prices exceed the $60 mark and retest it with an evening star pattern. The prevailing reversal rally restarts with a successful post-retest reversal from $60, resulting in a bullish engulfing candle. Moreover, the bull run accounts for a price jump of 40% from the reversal point at $46 to the CMP at $65.
Source - Tradingview
KSM Technical Analysis
The spike in the intraday trading volume trend reflects an increase in buying pressure supporting the possibility of KSM prices reaching the $82 mark. Hence, the uptrend shows a growth potential of 25% to reach the 100-day SMA as it sustains above the 50-day SMA.
The RSI and the MACD indicators show over-the-top bullish support as the buying pressure grows drastically. The RSI slope rises gradually in the nearly overbought zone with the 14-day SMA support to breach the 70% barrier. Moreover, the MACD indicator shows a bullish of fast and slow lines continuing with the intensifying bullish histograms.
In a nutshell, the KSM technical analysis shows an alliance between the price action and technical indicators supporting the uptrend continuation possibility.
Upcoming Trend
If the demand for KSM increases over the week, a price jump to the $82 mark seems inevitable. The 100-day SMA breakout will further increase bullish momentum to reach the psychological mark of $100.
Resistance Levels: $82 and $100
Support Levels: $62 and $50