Kusama (KSM) Makes Its Way to New ATHs Over Upcoming Parachain Auctions
Polkadot’s sister chain Kusama (KSM) is continuing its bullish rally, with prices touching new ATHs through the week despite the weakness in the overall crypto market. At the time of writing, KSM/USD is trading at around $563.
Known as Polkadot’s canary network, Kusama is an experimental blockchain network designed keeping interoperability and scalability in mind. The network is gearing up to hold parachain auctions, which will enable projects to bid on their offer to join Kusama’s blockchain.
The KSM token has been climbing higher from a low of $378 touched on May 10 after the network announced a new upgrade a couple of days later. Dubbed upgrade v0.9.1, the latest developments bring the code for parachains, auctions and crowdloand and aims to cut down vested transfer and fees/deposits significantly. The demand for KSM tokens surged following this announcement as a higher number of tokens are required in order to be able to participate in voting.
Key Levels to Watch
The MACD indicator and most moving averages point to a bullish bias in KSM/USD for now. The key level worth keeping an eye on now is the immediate resistance buyers will face at $603.
A break above this can further strengthen Kusama’s uptrend and drive it to touch more ATHs going forward. However, if buyers are unable to cross this key level, the price of KSM could easily slide down to support levels that sit at $518 and further lower at $484.
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