KSM Crypto Shorting Opportunity: Next Target $15 ?

Kasuma Project is good for shorting in short term after a double top pattern. The coin is breaking levels on the chart and can be traded in short term,

In this article, we will discuss KSM Crypto price prediction, weekly analysis along with news roundup.

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KSM Crypto Price Prediction

Price remains in a downtrend. Following a Bearish breakout from a Sideways Channel, it’s also broken below $27 key level, which held up a few times this year, making another Lower Low (also a sign of downtrend). If it breaks below $22, it could revisit $16.70 next. 

Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. Once price breaks below support, it can move lower to the next support level.

Weekly Price Analysis

Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.

Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI

Support and Resistance: Nearest Support Zone is $16.70. Nearest Resistance Zone is $27.00, then $33.00.

News Roundup

1. Basel Committee Establishes Final Rules on Bank Crypto Exposure
2. Judge Rules 2 Obscure Altcoins as Commodities in $120M Ponzi Scheme

Future Outlook

• Upcoming Protocol Upgrade: Scheduled for Q3 2024, the Parachain auction expansion is expected to increase demand for KSM tokens.
• Market Adoption: Continued adoption in decentralized finance (DeFi) applications and NFT ecosystems could provide additional price support.

Conclusion

In conclusion, KSM crypto has shown resilience and growth potential in the recent market environment. With ongoing technological advancements and strategic partnerships, KSM remains well-positioned to capitalize on emerging opportunities in the blockchain space.

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