KSM Technical Analysis: End of Correction Phase With New Bull Run

According to the technical analysis, KSM prices show a bullish reversal from the $44 support level challenging the short-term resistance trendline, teasing a price jump to the $57 mark. The 35% drop in the KSM market value tests the buyers at $44, which pumps the prices by 10% overnight to challenge the resistance trendline. Moreover, the high volume reversal prepares a bullish follow-through candle ready to break above the trendline and end the correction phase. So, is it the best time to buy the Kusama token? Key Points: The KSM prices revert by 10% from the $44 support level. The RSI slope spikes above the 14-day SMA. With a market cap of $419 billion, the intraday trading volume of Kusama has increased by 6.53% to reach $31.3 million. Source – Tradingview KSM Technical Analysis The KSM prices give a bearish breakout of the consolidation range between $57 and $67. The correction phase results in the formation of a resistance trend line in the daily chart. The downturn within the influence of a resistance trend line moving along with the 20 days SMM accounts for a 35% drop within three weeks. However, the buyers regained trend control at $44, resulting in a 10% price jump leading to a bullish engulfing candle in the daily chart. The bullish reversal challenges the overhead resistance trendline and projects a high possibility of a prolonged uptrend. A bearish reversal from the downsloping trendline will encourage sellers to b...