KSM Technical Analysis: Will Bullish Break Exceed $60 This Week?
Table of contents
Key Technical Points:
Past Performance of KSM
The KSM prices A form in descending triangle after breaking below the $60 mark with the base at the $44 support level. The descending triangle pattern follows after the prices decline to surpass $57, leading to a declining trend. However, the recent reversal starting with a morning star pattern at $44 accounts for a 16% jump in the last three days and breaches the resistance trendline.
Source - Tradingview
KSM Technical Analysis
The KSM price chart shows an increase in bullish commitment as the buying pressure grows with a rise in trading volume. Hence the possibility of the descending triangle breakout increases. Coming back to the price action, the three white soldiers candlestick pattern displays a solid bullish trend.
Three white soldiers is a bullish reversal candlestick pattern consisting of three consecutive bullish candlesticks.
The MACD indicator shows the fast and slow lines avoid a bearish crossover as the buying pressure increases, evidenced by the resurfacing positive histograms.
The RSI indicator shows a sharp reversal from the nearly oversold region, surpassing the halfway line.
Hence the technical indicators reflect an increase in the underlying bullishness adding points to the breakout theory.
In a nutshell, KSM technical analysis showcases a high likelihood of descending triangle breakout to reach the $60 mark.
Upcoming Trend
If the reversal rally surpasses the resistance trendline, the breakout rally will push the KSM price to the $60 mark. Moreover, increasing buying pressure near the resistance level will drive the price higher to the overhead distance of $82.
Resistance Levels: $60 and $82
Support Levels: $50 and $4