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
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.