Kusama (KSM), a cryptocurrency that has almost the same code base as Polkadot has recorded a new all-time-high (ATH). Specifically, KSM smashed the bullish price of $609.03 with a growth rate of almost +40% in the past 7 days.
This aggressive performance of the crypto was made amid the bearish market over the past few days. Indeed, KSM surprised the crypto market when it successfully repelled and rose its standing despite the bearish market.
Aside from the aggressive performance of the crypto, there are also other factors that drove the KSM price boost. For example, the upcoming launch of parachain auctions, the current KSM collaborations with other networks, and the KSM staking features. These examples are just some of the KSM activities that triggered its current price boost.
Regarding its market position, KSM ranks among the top 50 cryptocurrencies in CoinGecko. As a result, the market capitalization of the crypto amounts to over $5 billion.
Source : tradingView
Based on the graph above, KSM was able to maintain its uptrend position despite the wild market volatility. Also, the chart above displayed KSM’s growth rate record of over +500% from Feb to May. If this bullish trend continues, the crypto might reach the bullish price of $700 in no time. Truly, global investors favored this price level.
However, the relative strength index (RSI) of the crypto is already at level 65.1. In other words, Kusama is nearly overbought. In this case, traders and investors must exercise caution while trading to avoid loss due to unexpected price reversal.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
