Kusama Rallies by 10% in 24 Hours as Broader Market Slowly Recovers
The cryptocurrency market got a breather in the past 24 hours after underperforming since the start of the year. The prices of most coins are up by more than 2% over the past few hours.
Kusama Surpasses the $260 Psychological Level
KSM, the native token of the Kusama ecosystem, has been trading below the $260 level since it reached a high above $300 earlier this month. However, it overcame this psychological level a few hours ago and is now trading above $270 per coin.
Kusama has modified governance parameters that promote faster network upgrades. The community members are given seven days to vote on referendums and eight days to implement any agreed-upon upgrade.
KSM has added nearly 10% to its value over the past 24 hours. There is no apparent catalyst behind this move except the broader cryptocurrency market performing excellently during that period.
The total cryptocurrency market cap is now above the $2 trillion mark again after falling below it earlier this week. Bitcoin is trading above $42k per coin while Ether currently eyes the $3,200 level after adding 4% to its value recently.
KSM Could Target the $300 High Again
KSM’s recent rally could serve as a catalyst for further gains for the cryptocurrency. The technical indicators show that KSM is still bearish as it is still some way from the high it achieved earlier this month.
KSM is trading at $272 per coin, below its 50-day moving average of $294. The MACD line is still in the negative territory but is slowly moving higher. Meanwhile, the 14-day RSI of 50 shows that MACD is out of the oversold region.
If the rally continues, KSM could top the first major resistance level at $287 over the next few hours. In the event of an extended bullish performance, KSM could surpass its 50-day EMA and reach the resistance level at $307 before the end of the day.