Reading time: ~2 m
Market analysts said that the Polkadot and Kusama cryptocurrencies are in the oversold zone. According to experts, now is the perfect time to buy these virtual assets.
The specialists assured that the rates of Polkadot and Kusama fell by more than 28%, which means that there will be a correction soon. This is the ideal entry point to the market. For traders, such oversold conditions are traditionally an obvious signal to buy. According to analysts, the value of digital assets will increase by at least 16%.
Now both cryptocurrencies are in the zone of bullish momentum. However, experts warned that this signal should not be taken as a 100% guarantee of future success. To begin with, Polkadot and Kusama must overcome certain levels, and only then the upside potential of their value will be confirmed.
The bullish momentum for a recovery is very close, as both currencies have suffered price losses in the last 11 days. Analysts highlighted that Polkadot has recently experienced a steep downtrend, losing 28.72% of its market value since peaking at $23.85 on April 2, 2022. Now the key support level is at $17.
However, Polkadot should close the daily candle above $18.3 to encourage investors to return to the market. Breaking this resistance level may confirm the bullish signal and push Polkadot to conquer $19.5 and $21.
Kusama’s price has also reached a breaking point after a sharp drop since April 2. The support level is at $148 and should serve as a bounce zone, according to experts. A daily close above the $160 resistance level would allow a bullish pattern to form and lead up to $180 or even $207.
Earlier, the Crypto.ru editors reported that crypto market analysts predicted a fall in prices for Polkadot and Kusama.
#Market #experts #announced #Polkadot #Kusama #oversold