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1 June 2023
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Kusama price analysis: Selling pressure halts bullish momentum at $334, whats next?

Kusama price analysis is bullish today.
KSM found strong support at $317.
Strong resistance is present at $336.

The Kusama price analysis shows price breakout was upwards today. Bulls covered a good range from $317 to $338. But the resistance present at $336 does not seems like an easy mark to maintain because selling pressure is quite powerful at this stage, and KSM/USD has come down to settle at $334 at the time of writing.

The overall broader crypto market today is bullish as most of the crypto assets are reporting gains over the last 24 hours, including the king Bitcoin, Ethereum, Tether, and most altcoins show improvement today. The Binance Coin and Axie Infinity are the top gainers, with eight and 10 percent gains, respectively.


KSM/USD 1-day price chart: Bulls feel defenseless as bears reject further growth

The 1-day Kusama price analysis shows price spike was very swift at the start of today’s session, but selling pressure is enormous in the market for KSM/USD, and the price is dropping again after touching the $338 level.

Kusama price analysis: Selling pressure halts bullish momentum at $334, whats next? 1
KSM/USD 1-day price chart. Source: Tradingview

The volatility is mild but slightly increasing, as the Bollinger band values are as follows; the upper band is at the $457 mark, and the lower band is at the $283 mark. The mean average line of the Bollinger bands is above the price level.

The relative strength index (RSI) is present in the lower half of the neutral zone and shows a score of 46, but the indicator’s movement is still upwards, which shows the support above $317 is strong enough and can counter the selling activity, which started in the recent hours.

The MACD is still bearish as the price trend line has not changed yet, and the histogram still supports the bearish side as is evident from the light but taller bars; however, the indicator shows declining bearish momentum. The MACD has remained bearish since 16th September, when the price trend diverted towards the lower side.


Kusama price analysis: Bulls to rely on $317 support again

The 4-hour price chart for Kusama price analysis shows bears have over the market again as selling pressure is increasing with time and the KSM/USD is losing value. The hourly price movement is again taking shape as that of the last two days, where the price goes up near the upper limit of Bollinger bands and then again revert back towards the lower band, and today seems no different. Though today’s price function is still in greens, bears are pulling the price down fast.

Kusama price analysis: Selling pressure halts bullish momentum at $334, whats next? 2
KSM/USD 4-hours price chart. Source: Tradingview

The volatility is mild on the hourly charts, but at the same time, the price swing is high as it is again traveling down towards the mean line of the Bollinger bands, and there are imminent chances of it crossing it down towards today’s support level. As can be seen in the 4-hour chart, the relative strength index (RSI) has taken a downward curve as well, hinting at a drop to follow in the coming hours.

Kusama price analysis: Selling pressure halts bullish momentum at $334, whats next? 3
KSM/USD technical indicators chart. Source: Tradingview

Overall technical indications show mixed market sentiment as 10 technical indications favor selling of KSM/USD assets, and eight technical indications support buying of the crypto assets, thus favoring the selling side marginally. In comparison, eight technical indications stand neutral and don’t favor any side of the market. Among the short-term moving averages, only MA10 supports the buying decision. And among oscillators, the Momentum oscillator supports the buying side along with two other oscillators.

The Kusama price analysis: Conclusion

The Kusama price analysis suggests instability for KSM/USD. Today we expect KSM/USD pair price to drop down to $317 support again; even a little lower can also be expected. But as can be seen, the Kusama price function has defined a movement pattern during the past few days, and the price is moving in the same channel, so we can assume the play is over for intraday traders as of today, but for those who are holding assets till tomorrow, there exist brighter chances.

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