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Kusama (KSM) coin renewed bullish momentum

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Kusama (KSM) peaked at $594 in the bull run. As the crypto market crashes, Kusama coin fell to a low of $262. However, as the market cooled down KSM crypto began showing signs of bullish movement again. At the time of writing, Kusama stands at a price level of $339. The price of the cryptocurrency has been going upwards in the past twenty-four hours while the daily trading volume has declined by 20%.

Kusama (KSM) Technical Analysis

Despite the slightly bullish moment, the market sentiment for Kusama is largely bearish. Out of the twenty-six technical indicators thirteen are giving out a sell signal, nine are standing at a neutral position while only four are indicating towards buy. The oscillators are majorly neutral while the moving averages are bearish.

Kusama (KSM) Technical Analysis
Kusama (KSM) Technical Analysis

Kusama (KSM) is identified to be still operating in an upward channel formation in the longer timeframes. The cryptocurrency broke out of the channel to the upside during the peak of the bull run but has stayed inside the channel since August 2020. The brutal market correction also did not result in a downside break out – hinting the lower boundary to be acting as a strong support.

What is Kusama (KSM)?

Kusama is cited as Polkadot’s “Wild Cousin”. The Kusama blockchain runs in parallel with Polkadot’s like a parachain would but it is not a parachain. It is Polkadot’s canary network and serves as a testing ground for projects that are to be deployed on Polkadot.

Kusama and Polkadot are launching their parachain auction which is also the last phase of the Polkadot blockchain. Parachains are layer-1 solutions that will run in parallel will Polkadot and Kusama. The parachain auction is a hallmark step in the interoperability of blockchains and may push both the networks ahead.

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