Kusama price analysis: KSM could retest the $380 resistance level
Several altcoins have been rallying over the past few hours despite Bitcoin still struggling to break past the $48k level.
The past few hours have been dominated by altcoins, with some of them performing excellently. Ether is up by over 6% to finally break past the $3,500 level and could be set for higher gains in the coming hours and days.
XRP, Polkadot, Uniswap and Chainlink are some of the other leading altcoins that have recorded impressive wins in the past 24 hours. Bitcoin, on the other hand, has stagnated above the $47,000 mark. The leading cryptocurrency has found it hard to break past and stay above the $48,000 level in recent days.
Kusama is also one of the coins amongst the top 50 in the market to record impressive gains in the past 24 hours. KSM could be set for further gains in the next few hours as the market slowly moves forward.
Kusama price outlook
The KSM/USD 4-hour chart is one of the most bullish amongst the top 50 cryptocurrencies by market cap. Kusama’s RSI currently stands at 63, indicating that the coin is heading into the overbought region. The MACD line is deep into the bullish region, an indication that the bulls are fully in control, and KSM could rally higher in the coming hours.
KSM/USD 4-hour chart. Source: TradingView
KSM tested the $380 level a few hours ago, reaching the $383 mark before slightly retracing back to the sub-$370 level. At time of writing, Kusama is trading at $374 per coin, up by 12% in the past 24 hours. If the positive momentum is maintained, KSM could retest the $380 resistance level again in the coming hours.
If KSM gains support from the general cryptocurrency market, it could rally towards the second major resistance level at $388.
However, if the bears regain control of the market, KSM could experience a sharp fall towards the first major support level at $341. Unless there is an extended market sell-off, the 100 SMA at $312 should limit the losses.