Kusama shares its digital genome with Polkadot and is set to act as an experimental blockchain to aid developers in interoperability and scalability. In simple terms, Kusama is intended for developers to test, improvise, and scale their builds. In addition, it is based on a consensus-based proof of stake and thus has a lower energy requirement than the proof-of-work-based cryptocurrencies.
A total of 8 million KSM tokens are available for trading. The entire ecosystem is a replica of the Speckle Blockchain network intended for the corporate audience. Let’s take a look at the price development on Kusama in the last few days and let’s jump to the technical charts to gauge the future possibilities.
Kusama price analysis
KSM has marked a huge breakout candle, but it could be a freak candle that is destabilizing price action.
The Kusama cryptocurrency is on a growth path but encountered resistance at $ 350, pushing it back down to the $ 300 level. After consolidating in a small range over a couple of days, Kusama broke its shell with a significant upward candle, as seen in the majority of smaller capitalization cryptocurrencies. Most of the coins went through a subsequent profit posting, but KSM held its winnings for the day.
Although it has been falling since the morning of September 1st and is down more than 4%, this candle will be crucial to trigger more decisive price action as KSM is already trading above the upper band of the Bollinger Band indicator and the RSI is in Direction closes the overbought zones. The future may be uncertain, but it is full of possibilities, just like ours Kusama price prediction. If KSM sustains the huge profits on August 31, 2021, buying sentiment may rise.
Rising volumes are a concern for both sides of the market as they can take an asset to new highs or plunge to new lows. Consolidation at KSM erupted in sizeable volume that retested the $ 400 level. Buyers will flock to Kusama once it holds its profit in all time frames and marks an uptrend. The RSI has fallen towards neutral levels, but that has not been true of price momentum. With the help of some investors, KSM can quickly retest its all-time high of $ 600.