Kusama Sees Minor Gains but Appears Vulnerable

The Kusama token has reached the second spot on the daily top crypto gainers list, despite a modest price increase of just 2.58%. As a result, price action in this market remains below some significant technical levels.

KSM Statistics:
Current Kusama Price: $17.59
KSM Market Cap: $269,771,767
Kusama Circulating Supply: 15,334,921
Kusama Total Supply: 15,334,921
KSM CoinMarketCap Rank: 159

Key Price Levels:
Resistance: $20, $25, and $30
Support: $15, $10, and $5

KSM/USDT Continues to Consolidate

Price action in the Kusama daily market entered a consolidation phase about six sessions ago. Today’s trading activity also seems to align with this direction, given the modest gains posted. This keeps the market below the middle band of the Bollinger Bands indicator.

Similarly, the Stochastic Relative Strength Index (SRSI) indicator lines appear to be overextended, considering the gains made in recent sessions. The latter part of the SRSI indicator is pointed sideways, reflecting the prevailing sentiment in the market.

Kusama Price Action Sees a Downward Deflection

In the KSM/USDT 4-hour market, it can be observed that price action briefly pierced through the middle limit of the Bollinger Bands. However, shortly afterward, the subsequent session printed a downward retracement. This caused the token to settle just above the middle band of the Bollinger Bands.

Nevertheless, the SRSI indicator lines remain pointed upward from the oversold region, suggesting that an upside rebound off the tested support could still occur. Therefore, traders may still consider using crypto signals aimed at short-term gains toward the $18 mark.

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