Kusama (KSM) has been trending downwards after showing some bullish momentum in early July. At the time of writing, Kusama stands at a price level of $181.93. The price has fallen by 8% in the past twenty-four hours while the trading volume has fallen by 4%. Kusama has been one of the worst performing cryptocurrencies in the weekly timeframe. The cryptocurrency has fallen by 24% in the past seven days.
The market outlook for cryptocurrency is bearish. Out of the total twenty-six technical indicators, fifteen are giving out a signal of sell with nine indications standing at a neutral position and. Only two indicators suggesting a buy.
Kusama (KSM) had been operating on a coherent wave count. The cryptocurrency has completed the first two waves of the series which were marked by bearish momentum. The third wave of the series is expected to take the cryptocurrency to new heights. The fourth wave lies at the target price of $382. This may be a more bullish scenario but with the parachain auction on the network ending soon, anything can be expected from Kusama’s network.
The analysis might not be too off as the future prediction for Kusama are very bullish. According to the estimates of Wallet Investor, Kusama is expected to have a price level of $651 in a year’s time while the five-year projection places the cryptocurrency at a staggering price of $2392.
Kusama (KSM) parachain auction
Kusama is parallel to a test network for Polkadot. The blockchain is meant for experimental purposes to boost innovation and increase interoperability of the blockchain. The widely-anticipated parahcain launch of the Kusama network started earlier this month. The parachain auction on Kusama started on July 8th. Projects bid by buying KSM to get their names on the few available parachain slot. The first three auctions resulted in Karura, Moonriver, and Shiden Network winning slots. The remaining two auctions will be marked by high competitiveness as the projects’ bids are quite close to each other unlike the first three where the winners were distinct.
