Kusama (KSM) is the highest performing cryptocurrency in the top 100 in the weekly timeframe. The cryptocurrency has increased by 50% in the past week. KSM crypto has been on a straight upward trajectory since 28th May. At the time of writing, Kusama stands at a price level of $467. The price has increased by 22% in the past twenty-four hours while the daily trading volume has increased by 66%. The sharp increase in the cryptocurrency can be accorded to the Polkadot parachain launch on Kusama and it can be expected to continue increasing as the parachains launch.
Kusama (KSM) Technical Analysis
The market sentiment for Kusama is bullish. Out of the twenty-six technical indicators, fifteen are giving out a signal of buy with ten standing on a neutral position and only one indicator giving out a sell signal. Overall, the oscillators are neutral while the moving averages suggest a strong uptrend.
A trader has identified Kusama (KSM) crypto in an ascending channel formation. KSM crypto touched the lower boundary of the channel amidst the market crash but has now entered a safe zone. Kusama is nearing a break out from the zone which will validate the uptrend. Kusama will be facing strong resistance at $560 – a level it has faced multiple rejections from. If Kusama is rejected once again at the resistance level, it may drop to as low as $400. However, in the long-term window, Kusama is expected to rise once again. The trader has set an optimistic price target of $1,683 for the cryptocurrency.
Kusama (KSM) price prediction
Wallet Investor predicts the cryptocurrency at a price level of $1,140 in one year’s time while the five-year forecast places it at $4,465. Digital Coin Price’s projections state Kusama will end the year with a price of $716 but continue increasing to $2,104 in five years’ time.
Given the technical analysis and price predictions for Kusama, it can be expected that the future has good things in store for the cryptocurrency. The parachain launch will definitely boost the value of Kusama by many folds.