Since breaking through the critical psychological resistance at $20,000, Bitcoin (BTC) price has moved even higher. In the early trading hours, the top-ranked digital asset pushed as high as $23,800 before pulling back to $23,000 but the trend of investors purchasing each dip appears to still be in play.
Although Bitcoin is clearly in a bull phase, many investors are wary to buy at the current levels due to fears of a sharp reversal taking place. Therefore, they are on the lookout for other ‘less expensive’ tokens that are backed by strong fundamentals and also look attractive on the charts.
Let’s take a look at some of the smaller cap altcoins which have been making some strong move over the past week.
Kusama (KSM) is the parallel network to Polkadot and the team plans to launch initial parachain offerings in the near future. This unique crowdfunding mechanism aims to be a better version of the initial coin offerings which were extremely popular in 2017.
A number of emerging projects are likely to compete with each other to secure a parachain slot on the Polkadot network. However, before this can occur, the projects may want to do some live pre-testing on the Kusama network before deploying them on Polkadot.
Some projects may even keep parachains on both networks, using Kusama to test new technologies and features before rolling them out on the Polkadot network. With limited slots available, there is likely to be a bidding war and Kusama tokens could be in demand.
KSM price has rallied from an intraday low at $43.151 on Dec. 11 to an intraday high at $63 today, a gain of 46% within a week. Currently, the bulls are attempting to push the price above the $65.537 overhead resistance.
The rising moving averages and the relative strength index (RSI) above 62 suggest that the advantage is with the bulls. If traders can propel the price above the overhead resistance, the next leg…