Responding to the ongoing uncertainty in the crypto market, the Kusama(KSM) price has been resonating within the $88 and $63.8 levels for the past three weeks. However, a possible breakout from this range should end the wavering consolidation and trigger a directional move.
- The KSM price faced significant resistance from 20-day EMA
- The KCS chart shows a shooting star candle at $88 resistance
- The intraday trading volume in the KSM is $192.6 Million, indicating a 65% gain
On April 2nd, the KSM buyers’ failed attempt to surpass the $205 resistance triggered a minor correction. Therefore, the falling price sank 34% lower and hit the March bottom support of $115.
However, the May 2022 sell-off in the crypto market bolstered KSM sellers to breach the $115 support. On May 8th, this support fallout extended the ongoing correction and tumbled the altcoin by another 20% to a low of $63.8.
Furthermore, the coin buyers have been struggling to breach the immediate resistance of $88 for the past three weeks resulting in a minor consolidation. Today, the KSM price presents its third retest to the overhead resistance, but a high wick rejection attached to the daily candle suggests another reversal.
Thus, a bearish reversal could plunge the KSM price 16% lower to $63.8 support and continue a range rally for a few more sessions,
On a contrary note, a possible breakout from the $88 resistance would drive the altcoin to the $115 mark.
Concluding, the interested traders should wait for range breakout for better confirmation of their trade.
ADX- The falling trend in the ADX slope continues as the bullish reversal awaits the price confirmation with the $88 breakout. Traders can expect an increase in trend momentum after the bullish breakout.
RSI- A bullish divergence after the reversal from the oversold region in the daily-RSI chart supports the $88 bullish breakout theory.
- Resistance levels- $88, and $115
- Support levels- $63.8 and $47.5
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.