Kusama Price Prediction 2021 – Will KSM Hit $550 Soon?

Kusama Price Prediction 2021 - Will KSM Hit $550 Soon?
  • Bullish KSM price prediction ranges from $245 to $500.
  • KSM price might also reach $550 soon.
  • KSM bearish market price prediction for 2021 is $130.

In Kusama (KSM) price prediction 2021, we use statistics, price patterns, ADX, and much other information about KSM to analyze the future movement of the cryptocurrency. 

Kusama is a scalable dedicated blockchain network that uses a framework and almost the same code base as Polkadot. The network is an experimental development environment for teams that want to move forward and innovate quickly in Kusama, or are ready to deploy in Polkadot. KSM was founded in 2019 by Gavin Wood, founder of Polkadot, co-founder, and former CTO of Ethereum.

Current Market Status of Kusama (KSM)

According to CoinGecko, Kusama (KSM) price is trading at $182.9 with a 24-hour trading volume of $163,750,109, at the time of writing. However, KSM has decreased by 7.5% in the last 24 hours.

Moreover, KSM has a circulating supply of 8,980,098 KSM. Currently, KSM trades in cryptocurrency exchanges such as Binance, Tokocrypto, OKEx, Huobi Global, and CoinTiger.

Kusama (KSM) Price Prediction 2021

Kusama (KSM) holds the 58th position on CoinGecko right now. KSM price prediction 2021 explained below with a daily time frame.

KSM/USDT Falling Wedge Pattern (Source: TradingView)

A falling wedge is a bullish pattern that starts at a high and contracts as the price falls. However, this price movement formed a downward cone. When the highs and lows of a trend converge. This shows that due to the huge volume of trade during this time, the price of KSM will continue to rise and in the near future it will surpass its all-time high price ever.

In the daily time frame chart, it is possible for the KSM to reach $500 if the bull trend continues. Or else, if the price of the KSM breaks the resistance level of $200, it will fall to the next support level at $130. So, the trend of the KSM is based on the breakout.

Kusama (KSM) Support and Resistance Level

The below chart shows the support and resistance level of KSM.

KSM/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of KSM.

  • Resistance Level 1 – $245
  • Resistance Level 2 – $364
  • Resistance Level 3 – $550
  • Support Level 1 – $135
  • Support Level 2 – $85

The charts show that KSM has performed a bullish trend over the past month. If this trend continues, KSM might run along with the bulls overtaking its resistance level at $550.

Conversely, if the investors turn against the crypto, the price of KSM might plummet to almost $85, a bearish signal.

Kusama (KSM) Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of KSM. ADX helps traders to  determine the strength of a trend, not its actual direction. It can be used to determine if the market is changing or if a new trend is starting. However, it is related to the Directional Movement Index.

Moreover, the oscillators range from 0 to 100. In addition, a high value represents a strong trend, while a low value indicates a weak trend. It is often used in combination with direction indicators. 

KSM/USDT ADX(Source: TradingView)

The above chart shows the ADX of KSM stays above the range of 21.46, so it indicates a weak trend.

Conclusion

KSM is one of the cryptos that keeps its ground against the bearish market. Furthermore, our long-term KSM price prediction 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $621 this year. However, this will only happen if KSM breaks many past psychological resistances.

Furthermore, with the ongoing developments and upgrades within the KSM ecosystem, it could experience a great future ahead in 2021. It may reach $200 soon and it might even reach high heights, however reaching $550, if investors have planned that KSM is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.