- KSM price is struggling to stay above the key support as the price is trading in a downtrend channel as the price eyes a possible breakout.
- KSM continues to struggle as prices are rejected in a downtrend price channel after losing support from the bears.
- KSM price is trading below $45 for the first time in a while as the price continues its move below 50 and 200 Exponential Moving Averages (EMA) on the daily time frame.
Kusama (KSM) has not looked as strong as it should as the price lost its key support and tested it against Tether (USDT) several times. As Aave’s price tried to gain traction, Kusama (KSM) was expected to follow suit, but the crypto market has an opportunity to turn things around. With so much uncertainty in the crypto market, this could be a significant factor as the price of Bitcoin (BTC) and other crypto assets like Ethereum (ETH) have seen a slight setback in their price action, with the price of KSM taking a slight setback delayed movement. (Binance data)
Kusama (KSM) price analysis on weekly chart
Most projects have fared poorly in the bear market, many seeing price falls of more than 50%, discouraging most traders and investors from hoarding these assets.
With Bitcoin (BTC.D) increasing dominance, the price of most crypto assets could suffer. If BTC.D surges above 45%, altcoins will continue to fall with every minor price rejection for BTC.
After rallying to a high of $600, KSM’s price encountered resistance from an uptrend to a new all-time high as the price struggled to repeat such a price move, with the price experiencing a downtrend rather than an uptrend.
KSM price was rebuffed to a weekly low of $43 as the price has since struggled to bounce off that low to a high of $60.
Weekly resistance for KSM price – $45.
Weekly support at the price of KSM – $30.
Price analysis of KSM on the daily chart (1D).
Daily KSM Price Chart | Source: KSMUSDT On Tradingview.com
For the intraday, KSM price continued to struggle as the bulls failed to defend the key $45 support region.
After falling to a low of $37 where the price formed good support, KSM rallied to a high of $47 where it was rejected and has since traded in a downtrend channel with no buying volatility.
KSM price needs to break out of its downtrend to trend higher; If this structure holds, the price could drop to $30.
Daily resistance for KSM price – $45.
Daily support for KSM price – $37-$30.
Featured image by zipmex, charts by Tradingview
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