Bitcoin price has established a new all-time high above $29,000 for the first time ever and targeting the long-awaited $30,000 level. Bitcoin price looks unstoppable and its price is increasing like crazy. At the time of writing this, the Bitcoin price is sitting at $29,108.36. There are some altcoins that are performing exceptionally well.
Every now and then, we analyze a coin that has high potential and how traders should place themselves to obtain those profits. Today, we will analyze one such coin that has made almost 40% in the last 7 days. Is it a good investment? Let’s take a look at it in more detail.
Kusama Price Analysis: KSM Price Looks Promising
At the time of writing this, the KSM price is sitting at $68.86. On the 1-hour chart, the KUSAMA price is way above the 12-EMA and the 26-EMA which have worked as a pattern for the bulls on the way up. The decline of the 12-EMA would be important, but as long as the bulls can keep the 26-EMA, the uptrend will continue. The next price target could be $71 which is a profound psychological level, if broken in the next few days would be important.
Kusama is a network based on the Polkadot software. Kusama has witnessed strong gains over the past few days. In the last 30 days, the Kusama price has increased by almost +25%, in the last 90 days, the price has increased by +110.72%. The reason behind its good performance is probably due to the hype about Polkadot.
KUSAMA Price Analysis: KSM Price- Technical Analysis
KSM was launched in May 2019. It is a lateral Polkadot network. It was developed utilizing the corresponding code base and the identical structure but runs far more swiftly than Polkadot.
Even if you are a long-term holder, it’s crucial to understand that KSM is up by almost 110% in the last 90 days alone and a pullback should be anticipated. Looking at the daily chart, the 12-EMA which is currently located at $55.89 could be the most imminent bearish price mark.
The most significant support level could be 26-EMA. This suggests that a pullback down to $53.16 should be held fine if it were to occur within the next week. Of course, the bulls would prefer to see $77 cracked and extension from there, but no asset can go up continually. Still, the United States $2,000 stimulus could come soon which is normally regarded as a decisive part of the cryptocurrency market, maybe pushing Kusama price up to $77 to $80 in the first week of January 2021.
The Future of Kusama
Given its unusual idea, one cannot but think of keeping this token for the long term, where the idea comes to experience and begins to pick up. So far, everything is looking hopeful, and holding KSM at the current price should be good, but it’s necessary to keep a close watch on its hourly price chart.