According to the latest Kusama price analysis, the token has experienced a decline since surpassing the resistance level of $34.64. The KSM/USD is following a bearish trajectory, with the bulls attempting to recover from the losses. However, the bearish pressure is mounting as the price of KSM has fallen below the $35 mark. As of writing, the token is trading at $34.17, reflecting a 1.75 percent loss in the last 24 hours.
The market is currently dominated by sellers, resulting in KSM falling below the resistance zone of $34.64. This leaves the token vulnerable to further losses and a potential price correction if bearish pressure persists. While there is hope for a bullish resurgence, with KSM climbing back to its previous $35.00, this is contingent on the bulls regaining market control. Until then, KSM will likely remain bearish for some time.
The current market capitalization of the asset stands at $289,260,168. However, it has experienced a 1.18% decline in the past 24 hours, suggesting that the sellers are currently in control. Furthermore, the 24-hour trade volume of KSM has decreased by 33.51% to $10,126,963 compared to the previous day. It is worth noting that the total supply of KSM tokens in circulation is 8,470,098.
According to the latest technical analysis, the bears have the upper hand. The KSM/USD MACD has dipped below zero, with the signal line crossing beneath the MACD line, indicating a bearish trend. The histogram has also taken a negative turn, further supporting the bearish sentiment. Additionally, the RSI currently stands at 49.64, suggesting that the token may continue to decline if bearish pressure persists. These indicators highlight the need for caution and strategic decision-making shortly.
The daily chart’s Bollinger bands display a bearish sentiment, with volatility falling below its typical range and the price hovering closer to the lower band. This suggests that KSM may experience further losses if the bearish trend persists over an extended period. The upper Bollinger band is currently positioned at $37.00, while the lower band sits at $31.36.
The current market outlook for KSM/USD is predominantly bearish, with the potential for further losses if bearish pressure persists. Unless buyers can regain control and push KSM back up to its previous level of $35.00, selling pressure is expected to remain dominant. Technical indicators currently favor the bears, indicating a prolonged bearish trend for KSM.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
