Kusama Price Up 17.11% – Time to Buy KSM Coin?

The Kusama blockchain platform has posted impressive double-digit gains in the past 24 hours, with investors moving to buy KSM.
Given the protocol’s rising profile, we consider the technical and fundamental performance to ascertain if this is a great time to buy KSM.

KSM: Catching Major Tailwinds

Although currently situated outside the top 50 most valuable cryptocurrencies at the 52nd spot, Kusama is still one of the most talked-about crypto projects in the market.

The governance token, KSM, has posted record-breaking highs for most of the year. The platform began its ascent early in the year, rallying to $108.20. Crucially, this was an open statement about the canary network’s intention to surge in value. Continuing its amazing streak, KSM surged 65% to $273.07 on February 22 before dipping a few days later. However, the decline was short-lived as KSM retested the previous high and surged to $328.81 on March 11, ending the month at a then-record of $547.91.

Following a lopsided series of trade in the following month, KSM shot a record high of $594.44 on May 14. The coin was 5% shy of the $600 mark. KSM then touched $592.69 before going under.

KSM slumped drastically in the bearish market despite efforts to trade at the $500 mark like several crypto protocols. This saw the digital asset slump to a mid-year low of $148.85 on July 20, following massive bearish activities in the crypto market. However, this served as support for KSM as it subsequently rebounded and surged to $435.15 on September 12, increasing more than 150% from its previous low.

KSM has shown strong bullish potential and is up 17.11%, and trades at $372.50 on the daily trading chart. This has duly rubbed off on its weekly performance as KSM has increased 5.27% so far. A growing sense of the Polkadot network’s promises coming to fruition indicates why investors now want to buy KSM.

KSM Technical And Fundamental Analysis

Technical indicators show us KSM’s historical price performance over the past couple of weeks. Placed side-by-side to the 20-day moving average (MA) support price, KSM is soaring above the indicator’s $338.10 peg. This is also apparent in 200-day MA as KSM is trading above the indicator’s $339.3 price peg.

However, a 55.43 figure for the relative strength index (RSI) is relatively low given the project’s popularity. Meanwhile, this is expected to change as the crypto market catches major tailwinds.

The moving average convergence and divergence (MACD) indicator show a split market sentiment, with the green trendline trading close to its orange counterpart. However, a steady bullish push is likely imminent making this a great time to buy KSM.

Kusama’s strong one-day rally is likely linked to its censored twin’s announcement. According to a proposal, the Polkadot will be going ahead with its parachain auction following a vote. This will see the first set of parachain auctions occurring on November 11.

Also, Kusama has seen decentralised applications (dApps) engagement itself. The censor-free protocol announced via Twitter that Kintsugi had won the 11th parachain auction spot on its blockchain. This was closely followed by a new cool feature by Polkadot that allows users to easily send KSM and DOT assets to friends and loved ones.

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