While some altcoins are yet to finish correction, Kusama KSM recently tested its lowest price level in 11 months and bounced off sharply. It appeared to have found a bottom following a daily bullish formation.
In early August, KSM went through its lowest price level after seeing over 80% correction to $13 in five months. It later bounced back and added a few dollars to tap a high of $22.7 within three weeks.
After marking resistance there, it lost grip and rolled back. Luckily, the bulls showed up again and countered a bearish move with a pushback from last week’s $16 low range. This brought positive actions back in the market with a notable weekly gain.
Unfortunately, buying pressure halted yesterday as the bulls failed to push above the mentioned August high. While this high has become an obstacle level for the bulls, we can expect a drop to provide a discount before reattempting this monthly high.
Fundamentally, KSM remains one of the most promising layer 2 tokens with a potential higher return in the long term. It has technically bottomed out and now accumulates for a big move on the daily chart. A successful flip above the mentioned high could fuel a bullish rally.
KSM’s Key Level To Watch
If the latest rejection triggers more drops, the price may pull back to $18 before resuming buying. Below it lies the current monthly $16.42 support. A break below $13.85 – its recent lowest level could dip the asset to $10.
A break through the $22.7 high could send the price to the $26.8 and $30 resistance levels. Another resistance level to watch is $33.6.
Key Resistance Levels: $22.7, $26.8, $33.6
Key Support Levels: $16.42, $13.85, $10
- Spot Price: $20.6
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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