KSM Coin Weekly Analysis And Price Prediction

This article will analyze the KSM coin according to www.coinmarketcap.com data. First, we will discuss the KSM coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.

What is KSM Coin?

Kusama is a blockchain network and a cryptocurrency with the symbol KSM. Before implementing them on the Polkadot network, it operates as a testing ground for new technologies and innovations. Kusama was created by Gavin Wood, the co-founder of Ethereum and the founder of Parity Technologies.

Kusama is designed to be a scalable and interoperable platform for creating decentralized applications (dApps) and blockchain-based services. Its technology is similar to Polkadot’s but intended for experimental use cases and rapid iteration. Kusama also has its governance system, allowing KSM holders to participate in decision-making processes for the platform.

What are the projects of KSM?

Some of the projects that are being developed in Kusama include:

Acala is a DeFi hub for cross-chain liquidity and stablecoins.

Karura, a DeFi platform for Kusama and Polkadot.

Moonriver is a Kusama-based network that mirrors the Ethereum network.

Factors Influencing KSM Price

The price of the Kusama coin is influenced by a variety of factors, including:

Overall demand for cryptocurrencies, as Kusama, is part of the larger cryptocurrency market.

Adoption and usage of Kusama’s technology and services as more users and developers utilize the platform.

Network activity, such as the number of transactions and the amount of KSM staked for governance and security purposes.

Competition from other blockchain networks and cryptocurrencies that offer similar features and services.

Regulatory developments and changes in the legal environment for cryptocurrencies.

KSM COİN TECHNICAL ANALYSIS

KSM coin, which entered a downward trend from $ 540 in November 2021, decreased by 96% until the beginning of 2023 and fell to $ 21.49. KSM, which started to rise with the purchase in the market at the beginning of 2023, could not stay at these levels even though it rose to $ 50. KSM is currently trading at $29.93. According to www.coinmarketcap.com data, KSM, which has a size of $253,136,034, has had a volume of $7,415,631 in the last twenty-four hours.

KSM Chart Analysis

KSM, which fell from $ 540 to $ 21.49 with a decrease of 96%, has been trying to create an uptrend since the beginning of 2023. When we examine the weekly chart of the KSM coin, it is seen that it broke the downward trend that started at $540 at the beginning of 2023. KSM, which we examine weekly support and resistance points, continues to trade just below the $31.60 resistance zone. KSM, which I expect to try again at $ 50 in the closings above the $ 31.60 resistance, may experience pullbacks up to $ 21.49 in the selling pressure that may be experienced in the market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.

You may be interested in:

• Is Minedollars a Scam? Discover the Truth Here in 2023
• XMC Price Prediction
• Sharetoken Price Prediction