After a 25% price drop, can Kaspa [KAS] crypto rebound to $0.12?

Kaspa’s price dropped by double digits over the last 30 days
Several metrics hinted at a trend reversal towards $0.12

As a seasoned analyst with a knack for deciphering market trends, I must admit that the last 30 days have been quite tumultuous for Kaspa (KAS). The double-digit plunge in its price has undoubtedly left many investors reeling. However, being the glass-half-full kind of person, I always look for the silver lining, and in this case, it’s the hints of a trend reversal towards $0.12.

Over the past month, Kaspa (KAS) experienced significant losses, causing a notable decrease in its value. Such a decline may have caused unease among investors.

Although some on-chain measurements and technical signs suggested a possible change in trend, AMBCrypto delved deeper to explore if the bulls might regain control.

Kaspa’s latest bloodbath

KAS investors have been facing difficulties due to a significant decrease in the token’s value. Over the past 30 days, the price has fallen more than 25%, and in just the last week, it has dropped by more than 8%. Currently, Kaspa is being traded at $0.11 with a market capitalization exceeding $2.7 billion.

Despite experiencing a significant drop, some on-chain indicators suggested a potential turnaround towards a bullish trend for KAS. A look at AMBCrypto’s interpretation of Santiment’s data showed an uptick in KAS’s social dominance, indicating growing interest and popularity within the cryptocurrency community.

Following a noticeable drop, I observed that KAS’s weighted sentiment swung into the positive territory, indicating a surge in optimistic feelings towards the token.

After a 25% price drop, can Kaspa [KAS] crypto rebound to $0.12?

Following a significant increase, Kaspa’s trading volume began to decrease noticeably. A decrease in this measure often signifies a shift in the prevailing trend.

According to AMBCrypto’s analysis using data from Coinglass, there were several encouraging indicators found. For instance, the Open Interest for KAS has decreased. When this metric drops, it indicates a higher probability that the current price will shift due to fewer positions being held.

In addition, it was observed that the long/short position ratio of KAS began to increase. This indicates a higher number of long positions compared to short positions in the market, which is typically a bullish indicator.

After a 25% price drop, can Kaspa [KAS] crypto rebound to $0.12?

Where is KAS heading?

After closely examining Kaspa’s daily chart, I noticed that its price had dipped close to the bottom of the Bollinger Bands. This suggests a potential trend reversal, as the token was also testing a significant support level at the time of writing. Historically, such instances often lead to price surges.

Following a dip, the token’s Relative Strength Index (RSI) showed a modest increase. Furthermore, the technical indicator Moving Average Convergence Divergence (MACD) hinted at an impending bullish trend reversal.

If Kaspa’s market trend changes to bearish, it wouldn’t be uncommon to find the price of Kaspa approaching approximately $0.122 first. This is because a significant increase in liquidation may occur around this price point for Kaspa.

Read Kaspa’s [KAS] Price Prediction 2024–2025

Normally, an increase in liquidations triggers temporary declines in the stock’s price. If it surges beyond the resistance level, there’s a possibility that KAS might reach its August peak.

2024-11-05 03:03

Kaspa’s latest bloodbath

Where is KAS heading?

Read More