Analytics

KSM Technical Analysis: Bullish Pattern Aims $300

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KSM Technical Analysis: Bullish Pattern Aims $300

The KSM coin price experiences a rise in demand near the $150 mark resulting in a morning star pattern to reverse the downtrend. Key technical points:

  • The coin price challenges the 50-day EMA.
  • The KSM coin price has jumped 6.17% in the last 24 hours.
  • Finally, the 24-hour trading volume of Kusama is $85.35 Million, marking a 40.50% rise.

Past Performance of KSM

KSM coin price failed to surpass the $200 mark as it formed an evening star pattern resulting in a freefall to the $150 mark, accounting for a 25% drop. However, the buyers stepping in at the psychological support level fuels the bullish momentum with a morning star pattern and challenges the bearish engulfing candle formed on April 11th.

KSM Technical Analysis: Bullish Pattern Aims $300

Source-Tradingview

KSM Technical Analysis 

KSM coin price shows an inverted and head shoulder pattern forming that the reversal rally from $150 might complete shortly. The neckline at $200 will provide an immense supply inflow to keep the bulls within the pattern. The crucial daily EMAs maintain a bearish alignment with a negative trend in the daily chart providing dynamic resistance at multiple levels. Hence, the inverted head and shoulder breakout demands the breakout of the 50 and 100-day EMA. RSI Indicator: The RSI slope regains the bullish momentum with a sharp V-shaped reversal after entering the nearly oversold zone. However, the RSI values are yet to surpass the halfway and the 14-day average line to provide a bullish signal.   MACD Indicator: The fast line shows a gradual reversal before reaching the zero line, increasing the chances of a bullish crossover. Moreover, the fall in the negative histograms trend indicates the same possibility. In a nutshell, the KSM technical analysis highlights a high likelihood of uptrend completing the inverted head and shoulder pattern.

Upcoming Trend 

The KSM/USD daily chart shows a critical level at $200 which acts as the neckline of the inverted head and shoulder pattern. However, buyers must surpass the bearish EMAs to challenge the neckline and continue the uptrend. In case of a bullish breakout, the rally could reach the $300 mark. Support Levels: $150 and $115 Resistance Levels: $180 and $200  


Source: ethereum.today

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