Hello, dear members of LeoFinance!
Today I would like to comment on the price chart of Kusama.
After an astonishing couple of months, the price of Kusama is now undergoing a correction. It seems that, in the 4-hour chart (4H), KSM/USD may start to form a Bullish Flag:
However, talking about uptrend renewal is way too early. First, the price of the cryptocurrency dropped below the 30-day Moving Average. A signal that the bulls are not strong enough to resume the price increase right now. Second, the price is now testing the lower line of the potential flag and not the upper line. This is another signal indicating the temporary weakness of the bulls.
Nevertheless, I think that very soon the price may receive support and at least rebound from the lower line of the channel to the upper part of the channel. My expectations are based on the potential support zone I have outlined in the price chart (between the levels of $230 and $330). This potential support zone is based on the combination of the 90-day Moving Average and the lower line of the channel. Also, I have noticed that quite often after a solid price increase, if the price starts to decline, and drops below the 30-day MA for the first time, it usually receives support at the 90-day MA.
To be continued ...
As of the time of writing, one Kusama costs $363,85 on the KuCoin crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for last almost 15 years, and as a cryptocurrency analyst for last almost 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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