Kusama (KSM) Price Analysis

The KSM / USDT pair rose to an all-time high on March 27, but the bulls are facing stiff resistance at higher levels as seen from the long wick on the day’s candlestick. The pair formed an intraday candlestick pattern that signals indecision among traders today.

If the bulls can push the price above $ 505.33 and continue, the pair could push the upward move to $ 583.

The pair has not broken since January 14 and remained below the 20-day EMA. Therefore, traders can watch this level carefully as a break below it and a close will indicate weakening of the bullish momentum.

The 4-hour chart shows that the bears are aggressively defending the $ 490 to $ 505.33 resistance zone as prices have been dropping repeatedly. The positive thing, however, is that the bulls haven’t given up much ground. A breakout and close above $ 505.33 could indicate that the uptrend has resumed.

Conversely, if the bears lower the price below the moving averages, it will suggest taking profits by traders. This could bring the price at which buyers can re-engage to $ 370.

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