- The KAS supply on exchanges reached a record high, while transaction volumes dwindled.
- The fate of KAS now hangs on the support level, a precarious balance indeed.
Over the last 24 hours, Kaspa [KAS] has managed a modest 2.72% gain, trading at $0.1322. Yet, whispers in the market suggest an impending drop, echoing last week’s 10.94% losses. 🌪️
This bearish mood is fueled by KAS’s less-than-optimistic fundamentals, with market participants showing signs of dwindling interest. 😴
A Surge in Supply Threatens KAS’s Ascent
Kaspalytics reports a surge in KAS supply across exchanges, hitting a record high of 25.62 billion KAS in the last 24 hours. This influx could spell trouble, leading to a demand squeeze. 🤦♂️
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As supply surged, transaction volumes plummeted. The number of successful transactions dropped from 212,920 to a mere 50,520, a staggering 76.13% decline. 📉
Excluding Coinbase, this plunge in transactions across normal exchanges signals a waning interest in KAS, hinting at a potential price nosedive. 🩸
A 10% Drop May Loom on the Horizon
KAS currently teeters at a crucial juncture, trading sluggishly above its support level at $0.1276. Support levels often act as a springboard for price jumps, but KAS’s lethargic movement suggests weak buying pressure. 🐢
If this support level fails, KAS could face a 10.47% decline, pushing it to $0.1147, the bottom of the consolidation channel it broke out of on January 14. 🚀
The derivative market paints a grim picture, with liquidation data over the past six days favoring short traders. From January 18 to now, $719,900 in long contracts have been forcefully closed, compared to just $51,740 in short positions. 📉
This stark disparity suggests the market is leaning towards short traders, hinting that KAS could fall further from its current level. 🤞
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2025-01-25 09:13