Kusama has set a new all-time high of $567 – Binance rate
The digital asset has increased by a factor of 8x in Q1 of 2021 alone
Kusama is known as Polkadot’s cousin and could be on a path towards more gains
The digital asset of Kusama (KSM) has had a remarkable rally since 2021 began that has allowed it to set a new all-time high value of $567 – Binance rate. Additionally, Kusama (KSM) has managed to gain a spot in the top 25 digital assets on Coinmarketcap as seen in the screenshot below.
From the screenshot, it can be observed that Kusama (KSM) is roughly $162 million away from edging out Tron (TRX) from the 24th position.
Kusama Has Increased by a factor of 8.1x in Q1 of 2021
To note is that Kusama (KSM) opened the year at a value of roughly $71 as seen in the screenshot below. This, in turn, means that Kusama has increased in value by a factor of 7.98x (698% in returns) to its recent all-time high value of $567. At the time of writing and as Q1 comes to a close, Kusama is trading at $540 which is a 7.60x (660% in returns) increment from its January 1st value.
Also from the KSM/USDT daily chart above, the following can be observed.
Kusama’s trade volume is in the green
The daily MACD is yet to show signs of exhaustion and Kusama could keep pushing higher with the new month
Kusama is trading far above the 50-day (white), 100-day (yellow) and 200-day (green) moving averages hinting of a possible wild retracement ahead
The daily RSI and MFI are in overbought territory at values of 85 and 89 respectively
The 50-day moving average provides adequate macro support at roughly $300
In terms of short term support zones, Kusama has $512, $489, $463 and $423 which also represent previous all-time high values
A Brief History of Kusama (KSM)
The Kusama (KSM) project is often referred to as ‘Polkadot’s wild cousin’ and has been an experimental blockchain platform for developers to test out interoperability and scalable frameworks. According to the project’s website, Kusama was built as ‘a risk-taking, fast-moving ‘canary in the coal mine’ for its cousin Polkadot. It’s a living platform built for change agents to take back control, spark innovation and disrupt the status quo.’