Kusama (KSM) Eyes To Replicate Aave’s Strength, Can Price Flip $45 Resistance?

  • KSM’s price struggles to hold above key support as price trades in a downtrend channel as price eyes a possible breakout. 
  • KSM is still struggling as the prices of KSM are rejected in a downtrend channel, after it lost support from bears. 
  • KSM’s price trades at $45, the lowest price in a long time. The daily price movement is below 50 Exponential Moving Averages and 200 EMA. 

Kusama (KSM) hasn’t looked as strong as it should, as the price has lost its key support and has tested it several times against tether (USDT). Kusama, (KSM), was likely to follow the lead of Aave’s price, which is gaining traction. However, the crypto market can turn things around. There is a lot of uncertainty in crypto markets. This has led to a decrease in Bitcoin (BTC), Ethereum (ETH) and other digital assets. KSM saw a slower price change. Data from Binance

Kusama Price Analysis (KSM).

The bear market has been tough for most projects, and many experienced price declines greater than 50%. This disqualifies investors as well as traders from holding onto these assets.

With Bitcoin’s dominance (BTC.D) increasing, the price of most crypto assets may suffer. BTC.D will rise above 45% and altcoins could fall with every minor rejection of BTC.

KSM’s price climbed to $600 after a rally. However, it encountered resistance and failed to move higher. Since then, its price has experienced a greater downtrend than an upward trend.

KSM’s price fell from $43 to $40 per week. The price is now at $60 and has not recovered. 

Weekly resistance for the price of KSM – $45.

Weekly support for the price of KSM – $30.

KSM Daily Price Analysis (1D) Chart

KSMUSDT Daily Price Chart| Source: KSMUSDT On Tradingview.com

The daily price of KSM continued its decline as bulls failed to defend the $45, key support area.

KSM dropped to $37 and then rallied up to $47. The price provided good support. However, it was later rejected. KSM is now in a downtrend channel without any buy volatility.

KSM must move out of its current downtrend to become more trending higher. The structure could hold and the price drop to $30.

Daily resistance for the KSM price – $45.

Daily support for the KSM price – $37-$30.

Featured Image from zipmex. Charts by Tradingview 

Get more Crypto News at CFX Magazine