Kusama, which serves as a polkadot canary network that is often also described as a ‘polkadot cousin’ of a blockchain -scale platform specifically built using a ‘substrate’ and has a ‘codebase’ that is very similar to Polkadot.
Kusama was developed by a team that created Polkadot, a company called Parity Technologies. Its founder is Dr. Gavin Wood, a world -renowned computer scientist and programmer, who is also the co -founder of Ethereum.
More uniquely, Kusama is built via multichain, which has a heterogeneously-sharded design that uses a nominated proof-of-stake (NPoS) consensus system capable of making upgrades on the forkless chain to allow communication with other parachains on the Kusama network.
Recently, Kusama showed good potential in the market after launching a ‘Kusama Parachain Auctions’ project.
The first real-world functional parachain Statemine, began processing permissionless transactions after an on-chain upgrade last week. After some smooth running over the weekend, the time has come to move to the next stage: slot auctions. https://t.co/HRWh93z1Yy
- kusama (@kusamanetwork) June 8, 2021
The main purpose of this parachain auction is to test the Kusama parachain system, the auction is estimated to start June 15, 2021.
In the meantime, let's take a closer look at the current movement chart of the KSM/USDT price.
After experiencing a huge price drop last month, Kusama bravely saw a price increase of more than 80% from the end of May until the opening of the market today.
Following that, Kusama also penetrated the RBS zone (resistance become support) around $ 480 where the zone was seen as difficult for Kusama to pass before.
Crypto analysts expect that if the price movement continues the bullish trend, the resistance level around the $ 600 price will be tested again before heading to the all -time high (ATH) level that was recorded on May 18 to reach $ 623.75.
However, it is not impossible for Kusama to continue the price increase if the start of the parachain auction to attract investors.
The next risk is, if the price sees a bearish trend, the RBS zone around $ 480 will be the main focus again before a lower decline is expected towards around $ 400 or further.
At the time of writing, KSM/USDT is trading at $ 508 with a jump of over 20% in the last 24 hours.
