Kusama Breakout Analysis – KSM Pumps +35% in a Week with Strong Bullish Trend

KSM was squeezing inside the double top pattern on a 4-hour candle chart, it just went up over +35% in the last 7 days. Let’s take a quick look at KSM, price analysis, and possible reasons for the recent breakout.

What is Kusama KSM?

Self-described as “Polkadot’s wild cousin,” Kusama is an experimental blockchain platform that is designed to provide a massively interoperable and scalable framework for developers.

Kusama is built on substate — a blockchain building kit developed by Parity Technologies. Kusama has almost the same codebase as Polkadot — one of the most successful interoperable blockchains.

KSM Quick Stats

SYMBOL:	KSM
Global rank:	46
Market cap:	$615,973,312 AUD
Current price:	$72.36 AUD
All time high price:	77.09 AUD
1 day:	+13.44%
7 day:	+35.74%
1 year:	+79.76%

KSM Price Analysis

At the time of writing, KSM is ranked 46th cryptocurrency globally and the current price is $72.36 AUD. This is a +35.74% increase since 24 November 2020 (7 days ago) as shown in the chart below.

After looking at the above 4-hour candle chart, we can clearly see that KSM touched the Double Top before forming (A-B-C Triangle Pattern) on the KSM/USDT pair. The first resistance was on the $42.00 AUD price levels from which KSM broke with a strong bullish trend buying volume and is now heading towards its ATH all-time high price.

The above triangle pattern John called it the ABC pattern, which he defines in simple terms: “It’s a stop run of the first pullback after an aggressive move to the upside that signifies more potential in the direction of the larger movement.”

If we zoom out the live price chart and take a look at the price over the past few days or so, we can see the recent breakout more clearly, the trend is almost parabolic & bullish which looks insane.

What do the Technical indicators say?

The  Kusama KSM TradingView indicators (on the 1 day) mainly indicate KSM as a strong buy, except the Oscillators which indicate KSM as a buy.

So Why did KSM Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up KSM to their portfolio for the next Altcoins rally. It could also be contributed to some of the recent news where ChainX issued a KusamaNetwork

ChainX will Issue a Kusama @kusamanetwork Parachain as the First Test of ChainX in the Polkadot @Polkadot Ecology. https://t.co/ZXLdRj91zX

— ChainX | #BTC #Layer2 | #Ordinals (@chainx_org) October 20, 2020

Recent KSM News & Events:

Where to Buy or Trade Kusama KSM?

Kusama has the highest liquidity on Binance Exchange so that would help for trading KSM/USDT or KSM/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.