• Kusama (KSM) is on the rise after gaining 12% and climbing to the top of the list of most profitable assets in the last 24 hours

  • With the growing desire for blockchain interoperability, projects like Kusama are finding favor with investors and developers looking to join an interoperable and scalable framework.

    Kusama, which is built on Substrate, has a codebase comparable to Polkadot, which remains one of the industry’s most successful interoperable blockchains.

    The KSM coin has risen more than 25% in the last four days of trade, indicating a short-term upward trend in the asset. Unfortunately, KSM is still in a long-term downtrend and shows no signals of turnaround, with the exception of the large volume increase we shall discuss shortly.

    Moving averages indicate that Kusama’s coin entered a long-term downturn in December 2021. At the moment, KSM has lost over half of its value since the ATH in May 2021. Following the “death cross” of the 50 and 200-day moving averages, KSM fell another 74%, reaching early 2021 prices.

    Down in March, when KSM broke through the 50-day moving average, almost hitting the next barrier but reverting back beneath the downtrend area, the market may have seen a reversal.

    As of now, KSM is experiencing a significant increase in trading volume, which could indicate an impending reversal. Unfortunately, other indications do not provide any additional evidence in support of upward progress.

    What's your reaction?