KSM Technical Analysis: $200 Fallout Driven Downtrend Reaches $150

The KSM coin price fell almost 35% in the past week as it broke the psychological mark of $200. Will the downfall reach $100? Kusama is a network built as a risk-taking, fast-moving ‘canary in the coal mine’ for its cousin Polkadot. Let us move ahead to read about Kusama technical analysis. Past Performance of KSM The KSM coin price shows a decline of 35% in the past week as it breaks below the crucial psychological mark of $200. The free fall approaches the $150 mark, which provided support once before in July 2021. Moreover, the lack of a single bullish engulfing candlestick in the daily chart indicates extremely weak bullish powers. KSM/USD Daily Chart KSM Technical Analysis The KSM coin price shows an 8.41% downfall in the past 24 hours with a 40% in the intraday trading volume. Therefore, the metrics indicate a rise in trend momentum that may shortly break below the $150 mark. The crucial Exponential Moving Averages achieve a bearish alignment with the recent bearish crossover of 100 and 200-day EMA. Moreover, the 50-day EMA provides dynamic resistance to multiple bullish revolts. The MACD Indicator shows a huge gap between the MACD and signal lines as they continue their trend below the zero line. Moreover, falling histograms indicate a rise in underlying bearishness. The Momentum Indicator at -98% shows a gradual rise in the slope from the -100% mark. Therefore, the gradual rise generates a bullish divergence with the falling Kusama prices.  Hence, the technical indicators showcase a possible reversal from the support if buyers manage to protect the $150 support level. Upcoming Trend The KSM coin price trends lower in a falling channel, close to the support trendline in the daily chart. Moreover, the indicators reflect a bullish divergence in effect that may shortly provide relief from the extreme selling pressure. Therefore, sellers need to wait for the breakout of the $150 mark to avoid any bear trap in the price action. Talking of the opposite faction, buyers can find an entry at current prices with a stop-loss below $150 and a target at $250 near the resistance trendline. At the time of writing, TradingView gives a “SELL” signal for the KSM token. Technical Analysis for KSMUSD by TradingView

The post KSM Technical Analysis: $200 Fallout Driven Downtrend Reaches $150 appeared first on Cryptoknowmics-Crypto News and Media Platform.

Source: https://www.cryptoknowmics.com/news/ksm-technical-analysis-200-fallout-driven-downtrend-reaches-150/