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Kusama KSM/USD is enjoying steady bullish momentum, and for now, everything indicates that the price could advance again above $300 resistance.
Fundamental analysis: Kusama will upgrade the runtime of the Statemine parachain
The cryptocurrency market is advancing in the second trading week of August 2021, Bitcoin went above $46000, and this situation also supports the price of Kusama. If this positive trend continues, Kusama could stabilize again above $300 resistance.
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Kusama is a scalable network of specialized blockchains that offers a high level of interoperability and scalability for blockchain developers who want to push the limits. Kusama has nearly the same codebase as Polkadot, and it is also using the same tools as Polkadot.
This network is truly transparent, build to spark innovation by allowing developers to build their own app-specific blockchain and connect it to Kusama.
Kusama was established in 2019, and it is governed by a community that votes on and controls the network’s evolution. The founder of Kusama is Gavin Wood, founder of Polkadot and co-founder of Ethereum, and it is important to say that this network is ideal for startups looking to move swiftly through the governance and upgrade process.
Kusama introduced limitations of the current staking parameters to ensure the stability of the network because it has experienced tremendous growth in its user activity in a very short period of time. The number of nominators has increased up to the point where it can impact nodes’ ability to function correctly, but Kusama will explore solutions to increase the number of nominators possible in the system and make improvements soon.
Last month, the Kusama community voted to upgrade the runtime of the Statemine parachain and once the network enacts this upgrade, anyone will be able to create assets and NFTs on Statemine with a 1 KSM deposit for each asset class.
“Asset managers can add metadata like a name and symbol to their assets as well as perform admin operations like mint and burn. With this upgrade, we expect to see several real-world assets represented on Statemine,” the team of Kusama reported.
Technical analysis: Bulls remain in control of the price action
Kusama is advancing this Wednesday, and for now, there is no sign of the trend reversal. Kusama could advance even more in the upcoming days, and if the price jumps once again above $300, the next price target could be around $325 or even $350.
On the other side, if the price falls below $250, it would be a firm “sell” signal, and we have the open way to a $200 support level. It is also important to mention that the price of Kusama is correlated with the price of Bitcoin, and investors in this cryptocurrency should also have Bitcoin on their “watch list.”
Summary
The cryptocurrency market is advancing in the second trading week of August, Bitcoin advanced above $46000, and this situation also supports the price of Kusama. The daily volume of this cryptocurrency continues to rise, and if this positive trend continues, Kusama could advance soon above $300 resistance. If the price jumps once again above $300, the next price target could be around $325, but if the price falls below $250, it would be a strong “sell” signal.
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