Kusama Looks Bullish, Can Price Break Weekly Resistance Of $50?
September 21 2022 - 4:02PM
NEWSBTC
Kusama (KSM) looks bullish on a lower timeframe. Kusama (KSM) price
eyes a reclaim of 50 Exponential Moving Average (EMA) on the daily
timeframe. Kusama (KSM) price aims to break above 50 EMA in
the 4H timeframe. Kusama (KSM) has had a tough time recently but
has shown great strength bouncing up in higher and lower timeframe.
Kusama (KSM) price has struggled to remain bullish as the price
fell from an all-time high of $600 to $38, with the price
maintaining a downtrend with little hope of a relief rally or
bounce against tether (USDT). (Data from Binance) Related
Reading: Aave (AAVE) Attracting Whales Over Past Few Months – Will
It Spur Price Rally? Kusama (KSM) Price Analysis On The Daily
Chart Despite a decline in its price from $600 to $38, over
70% decline from its all-time high, the price of KSM has shown
great strength as it bounced from its daily low of $38 to a high of
$43 as price eyes a major resistance at around $50. The price of
KSM needs to break and hold above this resistance for the price to
trend higher. The price of KSM on the daily chart looks
strong despite seeing some volatility across the crypto market,
with eyes set on breaking the daily resistance of $50. KSM price
needs to break and hold above this region to assume more bullish
sentiment; if the price gets rejected, we could expect the price of
KSM to retest $45-$40. REEF’s price is trading at 0.0048$ below its
resistance; the price of REEF needs to hold above $0.007 to avoid
the price from going lower due to the sell-off. If the REEF price
holds this region, there could be more belief of a rally to its
resistance at $0.007 and possibly breaking and holding above this
region. Daily resistance for the price of KSM- $50. Daily support
for the price of KSM – $38. Price Analysis Of KSM On The
Four-Hourly (4H) Chart The 4H timeframe shows the price of KSM,
after touching a low of $38 price bounced to a region of $43, where
it attempts to break above the 50 Exponential Moving Average (EMA).
On the 4H timeframe, the price of KSM is currently trading at $43,
just below the 50 Exponential Moving Average (EMA), trying to break
and hold above this region, acting as resistance for the KSM price.
The price of $43 corresponds to the resistance at 50 EMA. If
the price of KSM fails to reclaim this major area, we expect the
price to retest the region of $40 for more demand to push the price
to a higher height. The Relative Strength Index (RSI) for KSM is
above 50 on the four-hourly chart, indicating decent buy order
volume. Daily resistance for the KSM price – $45. Daily
support for the KSM price – $38. Related Reading: Optimism
Analysis: Latest Figures Could Induce Investor Trust Featured Image
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Kusama (COIN:KSMUSD)
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