CandleFocus Here’s why the Polkadot and Kusama prices are soaring
2024-11-24
Author: Content Editor
The Polkadot (DOT) and Kusama (KSM) prices have been increasing. Polkadot reached its highest level since March 4, rising by over 138% from its lowest point this year. Similarly, Kusama rose to $45, a significant increase from its year-to-date low. Kusama has remained within a tight range in the past few years but has shown signs of rebounding. The ongoing rebound may be due to investors buying the dip, and the formation of a double-bottom chart pattern. A break above certain resistance levels could lead to further gains. However, the bullish forecast would be invalidated if Kusama drops below the lower side of the channel. Polkadot's price has also been rising, forming a triple-bottom pattern at a certain level. It has moved above key moving averages and is nearing a key resistance point. Catalysts for the Polkadot price include increased fees, an increase in active users, and its role in the gaming industry.
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