- KAS hit a new all-time high of $0.2062 after a 16.92% surge in seven days.
Kaspa flipped MATIC with a $5B market cap.
As a seasoned crypto investor with a nose for spotting promising altcoins, I’ve been closely watching the market’s recent developments with keen interest. Over the last seven days, Bitcoin’s dip to $64k has sent ripples across the entire market, but some coins have managed to defy the trend and soar high – one of them being Kaspa [KAS].
For the past week, the cryptocurrency market has seen significant price fluctuations. This turbulence caused Bitcoin‘s [BTC] value to drop from approximately $69,000 to $64,000, which in turn affected many other digital currencies.
Nonetheless, despite showing resistance to change, Kaspa (KAS) continued its upward trajectory. In terms of market capitalization, Kaspa had surpassed Polygon (MATIC) by press time, as indicated by CoinMarketCap’s latest data.
KAS defies the market as MATIC struggles
Currently, at the moment, KAS is reaching an unprecedented peak of $0.2062 following its announcement of a 16.93% increase in weekly earnings. Meanwhile, KASPA experienced a significant spike, whereas MATIC has been finding it challenging to hold its ground.
In the past day, MATIC‘s price and market value have dropped by approximately 3.06%. Currently, MATIC is being traded at $0.4946, marking a continuous downtrend as seen in both monthly and weekly graphs.
For the past two months, KAS has significantly increased its market value, outpacing numerous other cryptocurrencies.
In the current phase, it outperformed Internet Computer Token (ICP), PEPE, and Uniswap (UNI). A recent surge propelled it beyond Matic’s $4.9 billion market cap, reaching a record-breaking $5 billion for the first time.
Previously reported by AMBCrypto, this increase propelled Kaspa to reach $0.20. Meanwhile, the surge led to a decrease of 3.74% in Kaspa’s trading volume, while Matic’s trading volume experienced an uptick of approximately 38%.
What price charts indicate
According to AMBCrypto’s assessment, the momentum for KAS was noticeably positive, whereas MATIC was exhibiting a downward trend.
Kaspa’s Aroon trendline is showing a robust upward movement, with Aroon Up currently at 92.86%, significantly above Aroon Down at 35.71%. Furthermore, the Average Directional Index supports this trend, as it has surged from 14 to 23 over the past seven days.
Furthermore, as we speak, the Awesome Oscillator stood above zero, indicating a more potent short-term trend compared to the long-term one; this implies a predominant bullish energy.
In contrast to its visual representation, MATIC‘s trend appeared to be consistently decreasing. The Moving Average Convergence Divergence (MACD) for MATIC stood at -0.0117, while both the signal line and histogram were situated beneath the zero mark.
It demonstrated that the bearish trend had more power, as the short-term average lines were positioned beneath the long-term average lines.
The Aroon line supported the hypothesis more, since the Aroon Down was at 50% and higher than the Aroon Up, which was at 35.7%.
Upon closer examination, AMBCrypto’s study on Coinglass revealed a significant rise in KAS‘s Open Interest. It escalated from $77 million to $106 million within the past 24 hours.
Over the past week, MATIC‘s total Open Interest dropped from $578 million to $457 million. This led investors to close their existing positions rather than opening new ones, which in turn caused the prices to fall even more.
Read Kaspa’s [KAS] Price Prediction 2024-25
If KAS’s current market position prevails, the altcoin will challenge $0.24 and reach a new ATH.
Concurrently, MATIC could drop to a crucial support level of $0.47. If it changes direction, though, this cryptocurrency may encounter resistance at $0.52.
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2024-08-02 00:10