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
Filed under: Bitcoin - @ June 6, 2023 6:21 am