KSM is approaching strong support and is expected to make another breakout attempt

Kusama (KSM) has damaged above the long-term descending resistance degree however has but to break above the 0.618 fib retracement resistance at $ 440.

Despite the rejection, the token is nonetheless transferring alongside the ascending support line and trading above the short-term support. Therefore, the bullish construction stays intact.

KSM breaks out

KSM has fallen together with a descending resistance line since May 18. At the time it was trading at $ 625, which is nonetheless an all-time excessive.

On August 19, the token broke the resistance line and confirmed it as support on August 27 (inexperienced symbol).

The subsequent upward transfer took the price to a excessive of $ 431 on September third. However, the token was rejected by the 0.618 fib retracement resistance and has been transferring down since then. The decline preceded falling divergence in each RSI and MACD.

However, KSM bounced off the $ 345 horizontal support space and the supertrendline. So far it has created a protracted wick beneath.

As lengthy because the price trades above this degree, the bullish construction stays intact.

When an upward transfer happens above the $ 440 space, the following resistance is discovered at $ 600.

Daily KSM / USDT Chart | Source: TradingView

Short time period motion

Despite the present rejection, KSM continues to transfer alongside the rising support line. That line at present coincides with the 0.618 fib retracement support at $ 330.

Hence, this is a strong confluence of support ranges close to USD 330 that additionally coincides with the horizontal zone outlined earlier.

This reveals that when the price will get there, KSM is doubtless to go up.

KSM / USDT 6-hour chart | Source: TradingView

You can see the KSM costs right here.

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Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a choice. We usually are not chargeable for your funding selections.

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