- Kusama price has gone parabolic in the past few days.
- Its ecosystem tokens like Kusama and Moonriver have also surged.
- The rally is part of the ongoing crypto bull run.
Kusama’s KSM token price made a bullish breakout this month as some of its key ecosystem dApps surged. The token rose to a high of $57.82, its highest point since August 15th. It has jumped by more than 240% from its lowest point this year.
Karura and Moonriver are doing well
Kusama is a leading blockchain in the Polkadot ecosystem. Essentially, it the canary network, where developers build products and test them before they move to the Polkadot network. Some developers also opt to remain in Kusama since it is equally good.
Kusama token has made a bullish breakout in the past few weeks as some of its parachains have surged. Moonriver, a parachain where users can build decentralized applications (dApps), has surged by more than 450% from its lowest point in December.
Karura, another platform, has seen its KAR price surge in the past few weeks. KAR was trading at $0.26, which was over 185% from its lowest point in December. Other smaller networks in the ecosystem have also done modestly well.
Recently, we have seen several chains do well as their tokens jumped. For example, Solana price has gone vertical as key tokens in the ecosystem like Bonk, Solanium, and Solend have surged.
I also wrote that Cosmos ATOM price jumped as Osmosis, a DEX network in the ecosystem, continued rising. ORDI has surged as the volume of Bitcoin Ordinals continued accelerating.
Kusama price rally is also because of the ongoing altcoin season. A closer look shows that most altcoins, including Ethereum and Avalanche, have been in an uptrend. The key reasons are the ongoing Bitcoin ETF rumors, the upcoming Bitcoin halving, and the potential for rate cuts in 2024.
Kusama price forecast
The daily chart shows that the KSM price has been in a strong uptrend in the past few months. The token has remained above the 50-day and 25-day Exponential Moving Averages (EMA). It also spiked above the key resistance point at $50, the highest swing in February.
Meanwhile, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level. This is a sign that the network has the momentum. Therefore, KSM price will likely continue rising and retest its YTD high of $64. The alternative scenario is where it retreats and retests the psychological point at $50.
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