•KSM/USD is currently priced at $88.59 and has decreased by 11.67% over the past day
•The technical indicators suggest a bearish outlook for the near term
•The trading volumes have increased by 24.27% over the past day
Short Term View: KSM Price action leaves investors flummoxed
The KSM price today is $88.59 USD with a 24-hour trading volume of $148,005,683 USD. KSM Coin is down 11.67% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1973 for the altcoin.
After reaching its all-time high of $623.75 on May 18, 2021, KSM Coin has been following a notable bearish trend by following a strong descending channel ever since. The asset is currently struggling to attract buyers at the current price levels as it is transacting below the 20,50 SMA on the four hour chart. The bears have amped up the pressure and a continuation of the downtrend could plunge the KSM Price below the support level placed at $85. Hence it becomes imperative for the bulls to defend this support level with all their might. On the flip side, a renewed push from the bulls could result in an uptrend which would push the price towards the resistance placed at $95.
Long Term View for KSM Price
The RSI for KSM Coin is transacting in the negative zone, currently standing at 22.73. Thus, it indicates that the selling pressure has mounted up in the market, and has taken over the buying pressure. The MACD indicator, on the other hand, shows the red histograms increasing in size on the daily chart. The MACD and signal lines are in the negative zone as well, with the gap widening between the two. Hence, we can expect the price to fall for some time.
Conclusion
As the technical indicators for KSM Coin are showing a bearish signal, we can expect the KSM price to continue falling and test the nearest support very soon. The altcoin is showing no signs of revival as of yet.
Support: $85-$79
Resistance: $95-$100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.