Layer 2 tokens are not left behind in the latest altcoins rallies as Kusama’s price jumped 21% today without hassle. It just skyrocketed to a new monthly high following a massive surge in volatility.
Last month, KSM traded as low as $20 after recovering from a local bottom in the preceding month. During that period, the asset entered a serious accumulation phase and slowly climbed up.
The momentum increased later and the price tested $28.7. A quick rejection from there activated a pullback and the price slipped to $22. It found support there and bounced higher with a breakout before with a small consolidation.
This week, it regained strength and pushed above the $30 level, showing signs of a bullish continuation. It flipped through many key resistance levels and rallied hard until the price touched a daily high of $64.50.
That saw KSM through its biggest daily volatile session in almost a year and a half following several weeks of build-up. It reached its highest price level in two years after recovering from a low of $16.7 a few months ago.
It has retraced significantly from the current daily high to around $48 at the time of writing. If the crypto finds solid support nearby, more pushes will likely occur. If not, we can expect more pullbacks to surface.
KSM’s Key Level To Watch
![](https://arginchronicles.com/wp-content/uploads/2023/12/dJIk8tfd-1024x581.png)
In the middle of the surge, KSM must retake the $53, $58 and $64.50 before breaking higher to $70 and $75 in the short term.
There are no major levels to watch on the downsides. However, the closest supports to keep in mind for pullbacks are $44 and $38. If these levels fail, the next support would be $33.4.
Key Resistance Levels: $53, $58, $64.50
Key Support Levels: $44, $38, $32.4
- Spot Price: $48.7
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.