KUSAMA PRICE ANALYSIS & PREDICTION (September 16) – KSM Rejects $22, Can It Activate Bullish Above This Degree?

Whereas some altcoins are but to complete correction, Kusama KSM not too long ago examined its lowest value degree in 11 months and bounced off sharply. It appeared to have discovered a backside following a each day bullish formation.

In early August, KSM went by way of its lowest value degree after seeing over 80% correction to $13 in 5 months. It later bounced again and added a number of {dollars} to faucet a excessive of $22.7 inside three weeks. 

After marking resistance there, it misplaced grip and rolled again. Fortunately, the bulls confirmed up once more and countered a bearish transfer with a pushback from final week’s $16 low vary. This introduced optimistic actions again out there with a notable weekly achieve. 

Sadly, shopping for strain halted yesterday because the bulls didn’t push above the talked about August excessive. Whereas this excessive has turn into an impediment degree for the bulls, we will count on a drop to supply a reduction earlier than reattempting this month-to-month excessive. 

Essentially, KSM stays one of the vital promising layer 2 tokens with a possible increased return in the long run. It has technically bottomed out and now accumulates for an enormous transfer on the each day chart. A profitable flip above the talked about excessive may gasoline a bullish rally.

KSM’s Key Degree To Watch

If the most recent rejection triggers extra drops, the worth could pull again to $18 earlier than resuming shopping for. Beneath it lies the present month-to-month $16.42 help. A break beneath $13.85 – its latest lowest degree may dip the asset to $10. 

A break by way of the $22.7 excessive may ship the worth to the $26.8 and $30 resistance ranges. One other resistance degree to observe is $33.6.

Key Resistance Ranges: $22.7, $26.8, $33.6

Key Assist Ranges: $16.42, $13.85, $10

• Spot Worth: $20.6
• Pattern: Bearish
• Volatility: Low

Disclosure: This isn’t buying and selling or funding recommendation. All the time do your analysis earlier than shopping for any cryptocurrency or investing in any providers.

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Picture Supply: inueng/123RF // Picture Results by Colorcinch