Kusama (KSM) Marked a 32% Intraday Gain! What’s Next?
Sharing their digital genome with Polkadot, Kusama is meant to act as an experimental blockchain to provide interoperability and scalability support to developers. In simple words, Kusama is intended for developers to test, improvise and scale their builds. Furthermore, it relies on a consensus-based proof of stake, thus having lesser energy requirements than the proof-of-work-based cryptocurrencies.
There are a total of 8 million KSM tokens available for trading. The entire ecosystem is a replica of the Polkadot blockchain network, which is meant for the enterprise audience. Taking a look at the price action on Kusama in recent days, let’s bounce to the technical charts to plot the future possibilities.
Kusama Price Analysis
KSM has marked an enormous breakout candle, but it could be a freak candle that destabilized the price action.
Kusama cryptocurrency has been on a growth path but faced resistance at $350 levels, which pushed it back to the $300 levels. After consolidating in a small range over a couple of days, Kusama has broken through its shell with a significant upside candle, as witnessed on a majority of smaller market cap cryptocurrencies. Most of the coins underwent a subsequent profit booking, but KSM held its gains for the day.
Although it has been falling since the morning of September 01 and has tanked by more than 4%, this candle will be vital towards unlocking a more decisive price action as KSM is already trading above the upper band of the Bollinger band indicator with RSI closing towards the overbought zones. The future might be uncertain, but it’s full of possibilities as per our Kusama price prediction. If KSM sustains the vast gains on August 31, 2021, it can rally some buying sentiment.
Rising volumes are a cause of concern for both sides of the market, as it can take an asset to new highs or plunge it to new lows. The consolidation on KSM broke out with a substantial volume retesting $400 levels. Buyers will be flocking towards Kusama once it sustains its gain on all time frames and marks an upward trajectory. RSI has dropped toward neutral levels, but the same cannot be said for the price momentum. With some investors backing, KSM can quickly retest its all-time high value of $600.