Sharing its digital genome with Polkadot, Kusama is meant to act as an experimental blockchain to provide interoperability and scalability support to developers. In simple words, Kusama aims for developers to test, improve and scale their builds. Furthermore, it relies on consensus-based proof of stake, thus requiring less energy than proof-of-work-based cryptocurrencies.
A total of 8 million KSM tokens are available for trading. What is the entire ecosystem a replica of? polka dot Blockchain network, which is aimed at the enterprise audience. Taking a look at price action on Kusma in recent days, let’s bounce back to technical charts to plot future prospects.
Kusma Price Analysis
KSM has marked a huge breakout candle, but it could be an eccentric candle that destabilized the price action.
The Kusama cryptocurrency is on a growth trajectory but faced resistance at the $350 level, which pushed it back towards the $300 level. After consolidating in a smaller range over a few days, Kusama has broken its shell with a significant upside candle, as seen on most small market cap cryptocurrencies. Most of the coins were profit-booking later, but KSM maintained its lead for the day.
Although it has been falling since early September 01 and tanked over 4%, this candle will be crucial to unlock more decisive price action as KSM is already trading above the upper band of the Bollinger Bands indicator And the RSI is closing in. High buying area. The future may be uncertain, but it is full of possibilities according to us Kusma Price Prediction. If KSM maintains huge gains on Aug 31, 2021, it could reverse some of the buying sentiment.
Rising volume is a cause for concern for both sides of the market, as it can take an asset to new highs or drive it to new lows. Consolidation on KSM broke out with enough volume to retest the $400 level. Buyers will move towards Kusama once it maintains its gains on all time frames and marks an upward trajectory. The RSI has declined towards the neutral level, but the same cannot be said for the price momentum. With support from some investors, KSM could quickly reclaim its all-time high of $600.
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