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Kusama (KSM) coin towards $500 as parachain auction nears?

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Kusama (KSM) is on an uptrend since the establishment of its market crash low. The cryptocurrency is soaring high partly due to the parachain auction to be held soon on the network. At the time of writing, Kusama coin stands at a price level of $422. The price has increased by 5% in the past twenty-four hours while the daily trading volume has declined by 5%.

Kusama (KSM) Technical Analysis

The market sentiment for Kusama (KSM) is bullish. Out of the twenty-six technical indicators, fifteen are giving out a signal of buy with nine standing at a neutral position and only two indications of sell. Both the oscillators and moving averages are bullish.

Kusama (KSM) technical analysis
Kusama (KSM) technical analysis

Kusama coin is highly bullish even though the larger crypto market remains bearish or neutral. In the shorter timeframes, Kusama is moving downwards but the cryptocurrency can find strong support at $380. The analysis suggests that the bulls may soon overtake the cryptocurrency. A major chunk of the technical as well as the fundamentals suggest Kusama to reach higher and break the resistance level at $500. If the price target of $500 is broken, the next potential target at $645 will be activated.

Kusama (KSM) parachain auction

Kusama has been soaring high as the cryptocurrency nears its parachain auction. Kusama and Polkadot, together, are taking the integrability of the blockchain space to the next level. Both the blockchains will connect 100 parachains into Polkadot’s central Relay Chain. However, with a limited number of parachain being facilitated, parachains will be chosen via an auction. With bids touching the sky, the parachain launch will mean sky-high process for KSM and DOT. Karura Network has raised $100 million in a crowd fund to bid on the auction.

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