KSM Technical Analysis: Will Buyers Bring Market Value Above $100?
Table of contents
Key technical points:
Past Performance of KSM
KSM Prices have been caught in a bearish spiral that accounts for a 70% decline and a lower high pattern. The declining market value as the downtrend gained momentum made a resistance trendline stopping every bullish attempt under control and preventing any trend reverse. But the bullish stronghold at $60 helps the market regain bullish strength and pushes it above $80 leading to the trendline breakout.
Source- Tradingview
KSM Technical Analysis
The trendline breakout rally struggles to push the KSM market value above the $82 resistance level despite the increase in trading volume we saw yesterday. This indicates a large supply dump ready above $82 from traders and investors looking to book their profits. The Daily Moving Averages – 20, 100, and 200-days maintain a bearish alignment and showcase a falling trend. However, the trendline breakout rally surpasses the 20 DMA and projects a likelihood of approaching the 50 DMA.
The RSI indicator displays a significant increase in the bullishness of the underlying trend as the slope rises above the 14-day average and reaches the halfway mark after a long-term downtrend. Additionally, the MACD indicator indicates an upward trend in the histograms since the lines (MACD and signal) approach the zero line. Therefore, the technical indicators forecast an increase in the fundamental optimism for KSM, with the potential for a rise to the 50-DMA. In a nutshell, KSM Technical Analysis shows the underlying bullishness may shortly overcome the higher price rejection to reach $100.
Upcoming Trend
If the KSM price undermines the sellers at the $82 resistance level, we might get to see the bullish continuation close to the psychological barrier at $100. However, a failure to withstand the selling pressure might lead to a reversal to $60.
Resistance Levels: $100 and $115
Support Levels: $80 and $60