KSM Technical Analysis: Bulls Prepare To Break The Falling Channel

The KSM coin price gains momentum as it approaches the resistance trendline of the falling channel and increases the chances of a breakout. Kusama is unique among blockchain platforms as it’s mostly designed for developers who would like to launch bold and exciting projects, and with rapid-paced development. It is built on a multichain, heterogeneously-sharded design that uses a nominated proof-of-stake (NPoS) consensus system. It is an alternative consensus mechanism to the energy-intensive proof-of-work (POW) scheme. Let us move ahead to read about KSM technical analysis. Past Performance of KSM KSM coin price halts the downfall due to the rejection near the resistance trendline of the falling channel near $240. However, the push from $240 halts the downfall mid-way and pushes the price back to the resistance trendline. Therefore, the coin price shows a growth of more than 15% in the past 48 hours. FTT/USD Daily Chart KSM Technical Analysis The KSM coin price continues the formation of bullish engulfing candles as it prepares to break above the resistance trendline. Moreover, the long-wick formations indicate lower price rejection reflecting the rise in underlying bullishness. The crucial EMAs (50, 100, and 200) show a bearish alignment as the falling 100-day EMA shows a high possibility of a bearish crossover with 200-days EMA. Therefore, the EMAs can act as dynamic resistance for the KSM prices. The RSI indicator at 48% ri...