- KSM Token price action forms an ascending triangle pattern in the daily chart.
- The token price rests at the support trendline that may soon push the price higher.
- The pair of KSM/BTC is trading at 0.006035 BTC with an intraday move of +0.99%.
KSM Token price resonates higher into an ascending triangle in the daily chart. However, the recent formation of the bearish engulfing candlestick and long wick formations within the pattern reflects the growth in selling pressure.
Pivot point analysis has shown that the resistance levels of the token are at $520, following $600. In the unlikely case of a bearish reversal, if the price drops below $350, sellers could find support at $260.
KSM Token trades for $370 and has experienced a 0.91% rise in market capitalization within 24 hours. However, the intraday trading volume decreased by 13% over the last day.
What To Expect From KSM Token Price?
After the recent bearish candlestick within the pattern, the KSM token price fails to make a bullish candlestick due to higher price rejection. Thus, resulting in long wick candles. However, the price struggles near the support trendline, searching for bullish demand.
The KSM token price shows a bearish trend, with its price trading below all the crucial EMAs 20, 50, 100, and 200. Furthermore, the price action indicates a rise in the number of sellers driving the price higher.
The RSI indicator reflects a fightback by the underlying bullishness in KSM token price, as the slope spikes up from the 50% mark in the daily chart.
MACD indicators display the MACD, and signal lines head lower into the daily chart. As a result, the lines generate a bearish crossover. Hence, the MACD indicator indicates a sell signal.
The Stochastic RSI generates a bullish crossover in the daily chart. As a result, the indicator gives a buy signal.
Conclusion: KSM Token Price analysis indicates an increase in the underlying bullishness power as the price approaches the support trendline in the daily chart. Investors can therefore expect the token price soon to touch $600 if the buying pressure breaks above the $500 mark.
Support – $350 or $260
Resistance – $520 and $600