Kusama Price Analysis: KSM Increases Value by 5% After Strong Bullish Influence

Kusama price analysis suggests that the digital asset may reach $50 if the current momentum is sustained. The next major resistance is likely to be at $51.32. On the downside, supports are located at $30.34 and $28.90. The bulls need to defend these levels to keep the uptrend intact. Kusama (KSM) has been one of the best-performing altcoins in the past few weeks. However, the recent pullback from highs looks like a healthy correction, and KSM could resume its uptrend if bulls can defend key support levels.

The 4-hour chart shows that KSM has pulled back from highs but found support at the $30.34 level. The digital asset is currently trading above the 50 Simple Moving Average (SMA) and the 200 SMA, which suggests that the bulls are in control. The Relative Strength Index (RSI) is just below the 50 level, suggesting that there is scope for further upside in KSM.

Overall, Kusama looks bullish in the medium-term, and a move back above $45 could see it resume its uptrend. The next major resistance is $51.32. The bulls need to defend these levels to keep the uptrend intact.

Kusama (KSM) has been one of the best-performing altcoins in the past few weeks and looks poised for further upside in the near term. However, the recent pullback from highs looks like a healthy correction, and KSM could resume its uptrend if bulls can defend key support levels. The 4-hour chart shows that KSM has pulled back from highs but found support at the $30.34 level. The digital asset is currently trading above the 50 Simple Moving Average (SMA) and the 200 SMA, which suggests that the bulls are in control.

Kusam price movement in the last 24 hours

On the daily chart, the KSM/USD pair has formed higher highs and higher lows, which indicates that the bulls are in control of the market. The moving average convergence divergence indicator has also moved above the centerline, which is a bullish sign. However, the Relative Strength Index is close to the overbought territory, which suggests that the bulls might take a break soon.

Source: Trading View

Kusama’s price movement over the past 24 hours has been bullish,  with the digital asset recording an intraday high of $45. The digital asset currently trades at $44.45, slightly below the intraday high. 

KSM 4-hour price analysis chart: Bullish dominance continues

The 4-hour chart shows KSM has been in a strong uptrend since mid-September. The price has risen from $30 to $44.45. There is resistance at $45, which is the intraday high. The closest support is $30.34, where the price found support on September 17.

The 4-hour price chart for KSM/USD shows that the pair has formed a descending triangle pattern. A breakout and close above the $45 resistance is needed for bulls to gain traction and push prices towards the $50 level. Conversely, a break below the $40 support could see Kusama prices tumble towards the $35 level. 

Kusama price analysis: Conclusion

Kusama bulls need to overturn the $45 resistance for an upsurge in price action. The digital asset faces stiff resistance at this level. A break above this level is needed for an upsurge towards the $50 level. On the downside, support lies at $40.