- KAS has a bullish market structure and strong upward momentum.
The lack of buying pressure compared to earlier in June could impede the bullish progress.
As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market trends and price movements. The recent bullish structure of Kaspa [KAS], which has experienced a 24.6% surge in the past week, is an intriguing development that has caught my attention.
In the last seven days, there was a notable increase of 24.6% for Kaspa (KAS). The trajectory of this cryptocurrency has exhibited a bullish trend since mid-May, with the price level of $0.13 being converted into support.
At press time, the $0.184 was the next resistance level to watch out for.
The trading activity didn’t surge as much in this instance compared to the early June rally, where prices jumped from $0.13 to $0.191.
It was plausible that KAS could reach a local peak within the $0.184 to $0.193 price range.
The Fibonacci retracement levels showed the uptrend was healthy
Using the price increases from $0.092 to $0.191 in January and February, I applied Fibonacci retracement levels, which are depicted in pale yellow on the chart.
As a researcher studying market trends, I observed that in April, the price found resistance at the 78.6% level, leading to a decline towards the $0.106 region as it sought out available buying power.
In mid-June, the $0.13 level was tested once again, acting as a robust foundation for further price increases that followed.
This saw the daily RSI jump back above the neutral 50 mark to indicate bullish momentum.
However, the OBV was unable to clear the two local resistance levels that stretched back to April.
Signs indicated that the purchasing force wasn’t strong enough to maintain the upward trend for KAS, implying a potential price range of around $0.191 to $0.13.
The liquidation heatmap highlighted where prices might go next
Around mid-June, the price range of $0.12 to $0.14 was significantly tested. During this time, a substantial amount of liquidity was withdrawn from this area, creating a vacuum that Kaspa crypto capitalized on. This vacancy provided Kaspa with the necessary drive and resources to continue ascending in pursuit of the next considerable pool of liquidity.
Read Kaspa’s [KAS] Price Prediction 2024-25
The area around $0.196 and $0.2 is probably where prices will be drawn due to its significant liquidity and proximity to the previous local peak at $0.193.
Therefore, the possibility that KAS would form a range is strengthened.
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2024-06-27 15:03