- Kusama price is consolidating inside the descending triangle pattern over the daily price chart.
- KSM crypto has fallen below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of KSM/BTC is at 0.002485 BTC with an intraday drop of 2.62%.
On the daily chart, the Kusama price is now attempting to hold its current position while reversing the downward trend. On the daily chart, KSM cryptocurrency is now trading inside a falling triangle pattern. Due to being discovered by short sellers, the coin is currently trading close to the lower range of the falling triangle pattern. To avoid dropping sharply below the bottom range of the consolidation period, KSM crypto needs to move away from short-sellers. As they attempt to accumulate themselves, KSM bulls are attempting to halt the surge.
The Kusama price has dropped significantly during the last 24 hours, losing 8.45% of its market value, and is currently estimated to be $46.68. In the course of the intraday trading session, the trade volume increased by 14.97%. This shows that the token is still thriving to retain its current level despite its value declining. The volume to market cap ratio is 0.07423.
The upper trendline of the descending triangle pattern must be reached by the price of the KSM coin. Although the accumulation is below par, the volume bars indicate that bulls are now in charge of the KSM currency market. The volume change is still below normal, therefore bulls must exert all of their strength to manage volume and retain KSM in its position. The price of KSM Crypto is below the 20, 50, 100, and 200-day Daily Moving Averages.
Will KSM Crypto Breakout of This Descending Pattern?
To avoid a large decline on the daily chart, the price of the KSM coin must remain above the lower price range of the descending triangle formation. According to technical indicators, the KSM currency is going upward.
The Relative Strength Index makes it easy to see how the KSM coin is moving upstream. Currently, at 40, the RSI is about to cross the neutrality line. The MACD displays the KSM coin’s increasing momentum. A negative crossover between the MACD line and the signal line is about to occur. KSM investors need to watch the daily chart for any shifts in trends.
Conclusion
On the daily chart, the Kusama price is now attempting to hold its current position while reversing the downward trend. On the daily chart, KSM cryptocurrency is now trading inside a falling triangle pattern. Due to being discovered by short sellers, the coin is currently trading close to the lower range of the falling triangle pattern. To avoid dropping sharply below the bottom range of the consolidation period, KSM crypto needs to move away from short-sellers. The volume change is still below normal, therefore bulls must exert all of their strength to manage volume and retain KSM in its position. According to technical indicators, the KSM currency is going upward. A negative crossover between the MACD line and the signal line is about to occur. KSM investors need to watch the daily chart for any shifts in trend.
Technical Levels
Support Levels: $43.80 and $40.00
Resistance Levels: $50.00 and $60.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
