Kusama KSM Technical Analysis 2021 for Crypto Traders

Kusama (KSM) Technical Analysis 2021 for Crypto Traders

In Kusama KSM Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about KSM to analyze the future movement of the cryptocurrency. 

Kusama is a scalable dedicated blockchain network, built using a substrate 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. 

Kusama was founded in 2019 by Gavin Wood, founder of Polkadot, co-founder, and former CTO of Ethereum.

Kusama (KSM) Current Market Status

According to CoinGecko, the KSM price is trading at $298 with a 24-hour trading volume of $237,096,342, at the time of writing. However, KSM has decreased by 3.8% in the last 24 hours. 

In addition, KSM has a circulating supply of 8,980,098 KSM. Currently, KSM trades in   Binance, OKEx, Huobi Global, CoinTiger, and FTX.

Kusama KSM Technical Analysis 2021 

Kusama (KSM) holds the 40th position on CoinGecko right now. The recent development and upgrades might push Kusama (KSM) to reach new heights. Now, let’s deep dive into the Kusama KSM technical analysis 2021. The weekly time frame chart of Kusama (KSM) is shown below.

Kusama technical analysis - KSM/USDT Ascending Channel Trend Pattern
KSM/USDT Ascending Channel Trend Pattern (Source: Tradingview)

The above chart shows the formation of the “Ascending Channel Trend pattern”.This pattern is the price action contained between upward sloping parallel lines. KSM trades in a range of $313. If the price breaks the trend line support level of $270 then it will lead to a further drop up to the $180 Level. If the pattern continues to the top side, then it will reach the $630 level soon.

Kusama (KSM) RSI

The below chart shows the relative strength index (RSI) of KSM.

KSM RSI
KSM RSI (Source: TradingView)

.As shown in the above chart, RSI remains at 37. This shows that KSM’s price is in a nearly oversold state. However, this indicates a major price reversal may occur in the next few days. So, traders need to trade carefully.

Kusama (KSM) RVOL

The below chart shows the Relative Volume (RVOL) of KSM. Generally, Relative trading volume is an indicator that tells the trader how the current trading volume compares with the previous trading volume over a period of time.

KSM RVOL(Source: TradingView)

Notably, in Mid May, it is found that the RVOL observed is stronger. From the last week of May till at the time of writing, the RVOL stays below the cutoff line which indicates the weaker participants in the current trend.

Kusama (KSM) MA

KSM’s Moving Average (MA) is shown in the chart below. MA is also part of technical analysis that helps traders to find trends.

KSM MA (Source: TradingView)

In the 50 MA (Short-term), the price of the KSM is in a bearish state, and still, it has not broken the 200 MA. Once it breaks the 200 MA level, it completely goes to a bearish state.

Currently, the price of KSM is trading near to the 200 MA level so we can expect some reversal at these points.

Kusama KSM Price Comparison With Bitcoin

The below chart shows the price comparison between KSM and BTC.

KSM vs BTC Price Comparison chart
KSM vs BTC Price Comparison chart(Source: TradingView)

The trend of the BTC and KSM is moving at the same level as the trend.

Conclusion

With the ongoing developments and upgrades that are taking place within the KSM platform. The cryptocurrency KSM has a fantastic future ahead in this crypto market. However, it is possible to see KSM reaching new heights.

Bullish KSM price prediction 2021 is $628. As said above, it may reach great heights, however reaching $1719, if investors have decided that KSM is a good investment in 2021.

FAQ

What is KSM?

Kusama is Polkadot’s public pre-production environment, allowing any developer to experiment and test new blockchains or applications before they are released on the network. Its native coin is Kusama.

Where can you purchase KSM?

KSM is listed on many cryptocurrency exchanges that include Binance, OKEx, Huobi Global, CoinTiger, and FTX. It is available for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.

Will KSM reach a new ATH soon?

With the ongoing developments and upgrades within the KSM platform, it has the high possibility of reaching its ATH soon.

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.