KSM Technical Analysis: Bullish Reversal Stuck At Launchpad

Time Stamp: May 4, 2022 6:10 AM
Source Node: 1291298

KSM Technical Analysis

KSM prices find support at the descending trendline of the falling channel awaiting an increase in buying pressure to surpass $150. Key technical points: KSM market prices sustain above $125. The daily candle shows a growth of 3.90%. The 24-hour trading volume of Kusama is $72 Million, reflecting a minor fall of 6%.  Past Performance of KSM KSM prices failed to halt the downtrend starting after the rejection faced at the psychological mark of $200, resulting in a landslide in market price. The decreasing market value crosses under $150 and accounts for a 35% fall last month.  Source-Tradingview KSM Technical Analysis  The KSM price action shows a falling channel pattern with a bullish engulfing candle forming at the support trendline to undermine the last day’s fall. However, the lack of bullish commitment is evident in the loss in trading volume.  The falling trend of the crucial daily EMAs continues to grow apart and increase the bearish spread. Hence, the EMAs continue to play the dynamic resistance part. The MACD and signal lines continue to grow closer within the negative territory as the downtrend cools off with decreasing selling pressure. Thus, the indicator suggests the possibility of a bullish crossover. The RSI value continues to grow above the oversold boundary and approaches the 14-day average reflecting a bullish reprise. Unfortunately, the bulls fail to find a divergence in the past two dips at the support trendline. Nonetheless, the reversal marks a bullish spark. In a nutshell, KSM technical analysis shows a considerable possibility of a bullish rally within the falling channel. Upcoming Trend  KSM coin price finds support at the descending support trendline as the buyers reclaim demand over trend control, bringing the possibility of a price jump to the $150 mark. However, an increase in trading volume is a must to support the bullish rally. Support Levels: $125 and $110 Resistance Levels: $150 and $175

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