[ccpw id="5"]

HomeInvestmentsKusama Price Analysis & Prediction (June 5th) – KSM Forms Bullish Pattern...

Kusama Price Analysis & Prediction (June 5th) – KSM Forms Bullish Pattern Following a 10% Weekly Recovery, Facing Key Resistance Line

-

In the second quarter of the year, Kusama found base support and started to show signs of strength. It has formed a bullish pattern on the higher timeframe, looking ready for a massive rally. It has seen 3.5% gains today.

Just after testing the $25 level in the past weeks, Kusama started to see a recovery as the price increased to nearly $28.5 today. The price level coincided with a descending resistance line. Unfortunately, it puts a stop to the daily rally with a rejection.

The price has retraced to a trading level of $28 at the time of writing. A successful increase above the resistance line should activate a huge rally above the key $30 level in no time. Although it may retest the resistance as support before the price rally.

Looking at the market structure, KSM appears bullish as it forms a double-bottom pattern on the daily chart. A potential change in trend is lurking around the corner. But there’s a need for more buy to keep the bulls on track.

However, if the cryptocurrency initiates a sell-off from today’s rejection level, the price could slip to the $26 support level before bouncing back. If not, it may look for a lower support level to initiate a buy. Despite the short-term positive actions, KSM remains bearish from a mid-term perspective.

KSM’s Key Level To Watch

Source: Tradingview

Let’s consider an increase above the descending resistance line, the immediate area of interest for buyers would be $29. If the price advances higher, the next level to watch is $32 and $35.6.

Initiating a fresh drop from the recent rejection point, the level to consider after the immediate support level of $26 is $24.1. The January low of $21.7 is the next level to watch as support.

Key Resistance Levels: $29, $32, $35.6

Key Support Levels: $26, $24.1, $21.7

  • Spot Price: $27.6
  • Trend: Bullish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: moxumbic/123RF // Image Effects by Colorcinch

LATEST POSTS

Elevating Possibilities: The Countdown for WBS Dubai Begins!

Mark your calendars for an unparalleled gathering of blockchain and web3 pioneers as the 29th World Blockchain Summit, organized by Trescon and co-hosted by Sun...

World Blockchain Summit (WBS) presented by SUN Minimeal returns to Dubai for the 29th edition

WBS, an event by Trescon, is uniting the top web3 minds that are affirming the region’s pivotal role in blockchain and crypto. Don't miss out...

IMMAF & BitDelta Enter into an Exciting Partnership to Boost Mixed Martial Arts

The International Mixed Martial Arts Federation (IMMAF), the international governing body for amateur MMA, recently entered a partnership with BitDelta. A leading cryptocurrency exchange offering an...

L7’s Brand Upgrade: Leading the Charge in Web3 Digital Asset Management

In the rapidly evolving digital era, L7 stands as a pioneer in Web3 digital asset management. With a commitment to innovation and trust, L7 has...

Follow us

0FansLike
3,913FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img