- KAS’ price has surged by 66% in the last month.
The altcoin is gearing towards reclaiming its all-time high.
As a seasoned crypto investor with several years of experience under my belt, I’m excited to see Kaspa (KAS) making significant strides in the market. The altcoin’s price surge by 66% in just the last month is impressive and a clear indication that it’s gearing towards reclaiming its all-time high.
Kaspa’s PoW cryptocurrency, KAS, is showing strong signs of recovery and may soon reach its peak price of $0.18. This optimistic outlook comes after the currency surpassed a significant hurdle at $0.14, which had previously acted as a resistance level.
As a crypto investor, I observed that KAS‘s price stayed within a specific price range between the 12th of April and the 2nd of June. This price action formed a horizontal channel on the chart.
As a crypto investor, I would describe this phenomenon as follows: When the price of a cryptocurrency remains stable within a specific range, it’s an indication that the market forces of buying and selling are evenly balanced. The lack of clear dominance between these forces keeps the asset from exhibiting significant upward or downward trends.
In simpler terms, the top boundary of this graph acts as a barrier to price increase for KAS, while the bottom boundary functions as a floor, preventing significant price drops. Previously, KAS encountered resistance at $0.14, and later, it received support at the lower price point of $0.1.
Kaspa crypto’s rally toward its all-time high
Starting from June, I have observed a significant increase in daily trading volume for KAS. For instance, on the 3rd of this month, the altcoin reached its peak trading volume of $165 million in a single day, as indicated by Santiment’s data. This figure marks the highest level since November 2023.
On the third of June, KAS‘s price broke through the upper boundary of its horizontal trading range due to increased trading volume, signifying that it had conquered the resistance level on that day.
I’m observing the current price of KAS at $0.1797 as of now. This cryptocurrency has persisted in its upward trajectory and is heading towards its peak price of $0.18, a level last reached on the 20th of February.
The one-day price chart indicated that the asset could possibly maintain its upward trend based on its recent patterns. An illustration is the Aroon Up Line (represented by orange), which stood at 100% as of the current moment.
This metric highlights the intensity of a given asset’s price movement and pinpoints possible turning points.
As a researcher studying technical indicators, I’ve discovered that when the Aroon Up line approaches 100, it indicates a robust uptrend and suggests that the latest peak was achieved not too long ago. This is a bullish signification.
The RSI and Money Flow Index of this altcoin stood at 79.91 and 70.44 accordingly, signifying a significant increase in demand. The buying force was more prominent than the selling force based on these two indicators.
At present, the MACD line of KAS, represented by the blue color, lies above its signaling line, depicted as orange. This arrangement carries a bullish connotation in technical analysis. Essentially, it indicates that an asset’s short-term moving average surpasses its long-term moving average.
Read Kaspa [KAS] Price Prediction 2024-25
Traders interpret it as a sign to open long and exit short positions.
If KAS’ buying momentum is sustained, its price may rally past its all-time high to trade at $0.2.
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2024-06-05 22:16