- Kaspa’s Open Interest surged to hit an all-time high on the charts
- On the price front, KAS hiked by 44.03% in the last 30 days alone
As a seasoned researcher with years of experience analyzing blockchain projects and their underlying fundamentals, I find myself intrigued by Kaspa’s [KAS] recent performance. The altcoin has managed to surge to an all-time high on its charts, with a remarkable 44.03% increase in the last 30 days alone. While it still lingers approximately 17.48% below its ATH, the strong uptrend it’s currently experiencing is hard to ignore.
Over the past month, Kaspa (KAS) has experienced a significant upward trend following its dip to $0.101. It peaked at $0.179 on the price chart recently.
Over the past 24 hours, Kaspa’s price trend has been steadily climbing. As I write this, it is trading at $0.171. This represents a significant increase of 10.7% in just 24 hours. Interestingly, not only did Kaspa rise over the short term, but also on the weekly and monthly charts. Specifically, its value increased by 4.69% and 44.03%, respectively, during this period.
And yet, KAS remains approximately 17.48% below its ATH of $0.2075.
After Kaspa’s performance on the charts has picked up some pace, the query arises – Could Kaspa be about to embark on a lasting upward trend?
What does altcoin’s chart suggest?
Based on AMBCrypto’s assessment, Kaspa had reached the culmination of a robust upward trend, this surge being fueled by optimistic feelings amongst investors.
Initially, it’s clear that there’s an uptrend indicated by a bullish crossover on the Moving Average Convergence Divergence (MACD). Specifically, within the past 24 hours, the MACD line has intersected with the Signal line, suggesting a strong possibility of the bullish trend persisting.
Similarly, yesterday saw a bullish crossing on the Stochastic Relative Strength Index, implying that at present, the traders acting as buyers appear to have the upper hand in the market.
When there’s a greater desire to purchase an item, often this occurs when demand is increasing, it can lead to scarcity in supply because people are buying quickly. This situation typically drives the price of the item higher and higher on the market graphs.
Moreover, the buying demand could also be reinforced by an increase in the number of participants joining the market.
Notice that Kaspa’s Futures Open Interest has reached a record peak of $152.5 million. This enormous increase suggests that investors are creating new contracts in expectation of further price growth.
To summarize, the long/short position ratio of KAS indicated that investors have primarily opted for long positions. Given that long positions predominate, this suggests a bullish sentiment among investors, as they are essentially betting that the prices will rise.
With more longs, we can conclude that these new positions are mostly longs.
What next for KAS?
From its graph, it’s clear that Kaspa is experiencing an uptrend at the moment. The optimistic outlook and increased interest from investors suggest potential further growth for KAS in the near future.
If ongoing market trends continue, Kaspa (KAS) aims to surpass the $0.180 resistance barrier, a level where it has previously encountered numerous rejections. Once this hurdle is broken, Kaspa could potentially reach $0.184 and may even approach $0.19 for the first time since August.
Subsequently, if a market correction appears, the altcoin will find support at around $0.161.
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2024-12-07 19:03