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KAS surged by 6.47% over the past week.
Kaspa’s trading volume has increased by 14.21%, indicating increased demand and favorability.
As an experienced analyst with years of observing and dissecting market trends, I must admit that Kaspa [KAS] has caught my attention lately. Over the past week, it surged by 6.47%, a remarkable recovery from its recent downward trajectory. The increasing trading volume by 14.21% is a clear indication of growing interest and demand for this altcoin among investors.
Over the past week, Kaspa’s [KAS] prices have shown a notable recovery following a significant decline it experienced since reaching an all-time high of $0.20 in August.
At press time, KAS was trading at $0.172. This marked a 6.47% increase over the past seven days.
Despite the altcoin showing a descending trend lately, its weekly advancements have been more significant than the recent declines, resulting in a 6.73% increase over the past month and painting the monthly chart in a positive light.
The rising demand for the price recovery is evident through the boost in trading activity, as demonstrated by the surge in volume. Consequently, KAS‘s trading volume swelled by approximately 14.21%, reaching a total of $60.8 million.
Over the same period, the market cap increased by 1.56% to $4.2 billion.
What KAS’ charts suggest
Based on AMBCrypto’s assessment, Kaspa has been seeing a significant surge in value. This upward momentum has allowed it to breach the downward trendline on the daily chart.
This movement positioned it to make further gains on price charts.
To illustrate, the Kaspa Directional Movement Index exhibited a robust upward trajectory. Currently, the Positive Index stands at 21.6%, significantly higher than the Negative Index, which is at 16.6%.
This showed that KAS was experiencing a strong upward momentum.
Furthermore, the Relative Strength Index stood at 56.81 following a three-day increase, indicating that demand to buy is more prevalent than supply to sell.
A rise in purchasing actions indicated that more investors were interested in the altcoin, creating a favorable outlook.
Over the last 11 days, we’ve noticed a rise in requests for long positions at KAS. This trend is backed up by a prolonged phase of positive OI-Weighted Funding.
In simpler terms, a favorable OI-Weighted Funding Rate means those with long positions are essentially compensating or “paying” those with short positions. This can be interpreted as a bullish sign because it indicates that numerous investors anticipate the prices will go up since they’re placing bets on an upward trend.
For over a month now, starting from the 5th of August, the altcoin has seen exceptionally low amounts being liquidated in total. As we speak, long positions are being closed out at approximately $1,240, whereas short positions stand at around $2,340.
Such behavior suggests the current market condition is highly bullish.
Read Kaspa’s [KAS] Price Prediction 2024–2025
Essentially, investor approval for KAS has been strong, leading to price increases and heightened demand. Consequently, this situation seems likely to cause further growth for this altcoin.
Given these circumstances, should the present market trends persist, it’s likely that KAS could exceed its existing resistance at $0.194. Once it surpasses this barrier, its strength is expected to grow, potentially leading to new record-high values.
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2024-09-18 15:35