After the 40% drop, is it time to buy Kusama?

Kusama (KSM/USD) is down over 35% in January alone. It might be time to buy Kusama as a small pullback is likely to be seen soon. Kusama is trading 60% below its peak and it may be time for a reversal. Kusama is a public pre-production environment for Polkadot, allowing any developer to experiment and test new blockchains or applications before releasing them on this network. Before the sell-off, investors were expecting cheap returns from Kusama as it is more than 7 times faster than Polkadot and thus could soon match Polkadot's market cap.

After falling more than 35% this month, Kusama has fallen to the same level as in July, right where it started to rise. In addition, panic selling has also been triggered after the sharp sell-off, leaving Kusama oversold and buyers may return soon. Still, investors need to note that Kusama is trading at a key support level and could fall further if it breaks. Therefore, a stop loss should be set below this zone. Kusama traded 2% higher on Wednesday, which could be the start of a reversal.

Strong support can be seen at USD 175, where the previous rally started. However, investors need to be cautious and only jump in when there is a clear reversal.

The RSI is in the oversold territory and has started to rise, so it looks like a small rally may be witnessed now.

Investors need to set a stop loss as Kusama seems weak at the moment due to the huge large candles it has formed.

Investors can set a target of $230 followed by $270.

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