The price of Polkadot rose three weeks in a row, reaching the highest point since March 4, 2008. The price has increased to over $8. This is a 138% increase from the lowest point of this year. Kusama token (KSM), meanwhile, has risen to $45 from its year-todate low of just $16.43.
Kusama price analysis
Weekly chart shows the KSM has been in a narrow range for the last few years. Since June 2022, it has been confined to a narrow channel with support and resistance at $21.50 – $67.15.
Kusama’s price is still 92% lower than its previous high. This means that Kusama has performed worse than other coins such as Solana or Bitcoin. The price movement occurred as network activity remained low.
Kusama’s average true range (ATR), a measure of the volatility, has been falling. Coin has also consistently remained under the moving averages of 50 and 100 weeks.
Investors are likely buying dips, which is why the current rebound continues. It has also formed a chart pattern that looks similar to a double bottom at just $21.50. This is usually one of the strongest bullish signals in the market.
Its highest point was in March of this year. A break above this level could lead to further gains. The next level to be watched is at $165.43. This level represents the 23.6% Fibonacci retracement, and it’s about 270% higher than the current price.
If the coin falls below the lower edge of the channel, at $21.50, the bullish Kusama forecast becomes invalid.
Kusama Chart by TradingView
Polkadot price prediction
Polkadot is a similar project launched by the exact same team. Kusama is the brand that developers use to test parachains first before transferring them over to Polkadot.
Polkadot has ended the auctioning process, and this is causing a decline in the popularity of the arrangement.
Polkadot’s price has gone vertical because it, too, formed a three-bottom pattern. The price has not moved below this level since 2023.
This pattern’s neckline is $11.91. It reached its peak on March 11, 2011. DOT has moved up above both the 100-week and 50-week exponential moving averages (EMA), and is approaching the $11.95 key resistance level.
All indicators, including the Relative Strength Index and Market Value to Relative Value have been pointing upwards. The MVRV has increased to 3,60 from its previous high of 3.38 on 4 March.
There is therefore a high probability that Polkadot’s price will rise as the bulls aim for the $16.13 key resistance level, the 23.6% Retracement Level. If the coin moves above the $11.9 key resistance, this view is confirmed.
TradingView DOT Chart
Investors in crypto have identified a number of catalysts that are driving the price of DOT. One of the reasons is that its fees have increased by 600% and the number active users on the network has also increased. Its role is also increasing in the gaming sector. FIFA, for example, announced that it had partnered with Mythical games to create FIFA Rivals, which is a blockchain-powered game.
The post Why Polkadot & Kusama Prices are Soaring could be updated as new information becomes available.
