Kusama price analysis: KSM bounces off major support as bulls target more gains

KSM terms has rebounded disconnected horizontal enactment and is looking to fortify adjacent the 50 SMA

Kusama (KSM) has traded higher implicit the past 24 hours aft a somewhat dilatory weekend, with KSM terms up astir 6.4% to alteration hands astir $339 astatine the clip of writing.

The uptick successful momentum for Kusama comes arsenic the broader markets look to bounce aft China-related quality pushed astir coins down.

Kusama, disposable connected astir large exchanges, is seeing important bargain unit pursuing the integration of KSM staking connected the Guarda Wallet. Now investors tin get rewarded for staking their KSM coins arsenic maturation crossed the decentralised concern (DeFi) marketplace continues to pull much people.

KSM terms outlook

For Kusama, bulls are looking to retrieve towards an ascending trendline beneath which lies a large enactment portion astir $302.

Looking astatine the KSM token connected the 4-hour chart, we spot a hint of a affirmative continuation, with prices apt to determination towards caller highs successful the $380 to $420 range.

The KSM/USD brace is looking to interruption higher arsenic shown by the Relative Strength Index (RSI) cutting supra the neutral line.

An upward continuation would awesome bullish strength, presently being aided by the bullish crossover of the MACD. While the indicator remains successful the antagonistic zone, the expanding histogram supra the zero enactment suggests further maturation for Kusama's terms implicit the coming weeks.

A regular adjacent supra $344 (50 SMA) would item $350, $380, and $400 arsenic the main targets.

KSM/USD 4-hour chart. Source: TradingView

The contrary representation would nevertheless statesman to contiguous if there's a rejection astatine the cardinal hurdle adjacent the 50 elemental moving mean ($344) connected the 4-hour chart. A retest of the horizontal enactment astir $302 would bring into position a descending triangle pattern.

This is simply a bearish continuation signifier whose validation could spot Kusama terms diminution to the adjacent request portion astir $274. If the breakdown continues from here, a imaginable reload portion mightiness materialise astatine $243.