- KSM Token price fell 65% within a fortnight due to increased selling pressure as the volatility increases in the crypto market.
- KSM Token is trading below all critical EMAs in the daily technical chart with bearish alignments of EMAs.
- The KSM/BTC pair trades at 0.005518 BTC with an intraday fall of 6.23%.
KSM Token price faced rejection near the $525 mark which resulted in the ongoing downtrend. The coin price failed to reverse and breached all critical support levels resulting in the 65% fall.
The coin price did find some increase in buying pressure, but it failed to break the downtrend, and the resistance trendline managed to sustain and push the price back down.
KSM token trades at $176.86 with an intraday fall of 13.54% in the market cap. As mentioned earlier, the trading volume is on a slippery slope, with a 2% fall in the past 24 hours.
As per market cap rankings, the KSM token fell from 29th rank to 52nd rank within a month, projecting a major loss in market cap.
All The Technical Indicators Projecting Downtrend For KSM Token
KSM token recently found some demand near the $190 level preventing any further damage for now. However, as per the technical chart, the increase in selling volume may soon break this level to continue the downtrend further.
The coin price fell more than 50% after breaching the 50 EMA in the 4-hour technical chart. As per the parabolic SAR, the price is downtrend as the KSM Token price is trading below the SAR mark. Investors can expect a downtrend till the yellow circles are above the token price.
The coin price may find support near the $125 and $75 upon further downfall from the $190 mark. However, in the unlikely case of a bullish breakthrough, the coin price may find resistance from the $200 and $275 mark.
The coin price trading below all the critical EMAs in the daily technical chart as the EMAs are aligned in a bearish pattern. The same scenario is repeated in the 4-hour timeframe increasing underlying bearishness.
The RSI (Bearish) indicates a growing bearish momentum as the RSI line trades just above the oversold zone and fails to rise above due to overwhelming bearishness.
The ADX (Stagnant) projects rest in trend momentum as the coin price rests above the $190 mark.
Conclusion – KSM Token projects a strong downtrend as per the technical indicators. The coin price may soon hit the low of $125 as the price chart fails to show any immediate prominent support level.
Support – $125 and $75
Resistance – $200