- Kaspa surged by 5.4% on the daily charts and 5.37% over the last seven days.
- The recovery is amidst reduced liquidation and increased buying interest.
As a seasoned crypto investor with scars from the 2017 bull run and the subsequent bear market, I’ve learned to read between the lines when it comes to market trends. The recent surge of Kaspa (KAS) by 5.4% daily and 5.37% over seven days is an encouraging sign for altcoins in a broader market that has been struggling.
For the last month, the cryptocurrency market has shown increased price swings. These market changes have had a significant impact on altcoins, causing their market value to drop by about 60% from their all-time highs (ATH).
Despite experiencing a prolonged drop, Bitcoin [BTC] has made efforts to rebound and generally stay above the $60k mark.
Momo, a crypto analyst, noted this altcoin trend, stating that,
“It’s not only Solana that’s exhibiting doubtful trends, but the entire cryptocurrency sector appears to be experiencing similar uncertainties. The recent surges in Bitcoin and Ethereum have failed to produce the anticipated momentum. Numerous altcoins are finding it tough to maintain balance as the overall market sentiment remains tentative.”
After the recent market downturn, many altcoins have found it challenging to regain their footing and consistently record gains. Interestingly, though, over the past nearly two weeks, I’ve noticed some impressive upward trends in KAS – a cryptocurrency that has been performing surprisingly well amidst the general decline.
KAS recovers from the downturn
14 days past, Kaspa (KAS) was aiming for a fresh record high following its all-time high achievement at $0.20. Unfortunately, a market plunge and subsequent bearish trend took a toll on Kaspa, causing it to slide significantly over an extended period.
Following the stock market drop, KAS saw a decrease in value from its peak at $0.183 to a low of $0.125. However, in the past seven days, KAS has bounced back by 5.37%.
Equally, the market cap has reported significant gains by 4.06% to $4.1 billion.
Even though this increase boosts the company’s market capitalization, it’s currently lower than its all-time high of $5 billion, which it reached just two weeks ago. However, it’s worth noting that this is a significant recovery compared to the crash that dropped its market cap below $4 billion.
What price charts suggest
Currently, shares of KAS are being traded at around $0.170 following a 5.4% rise in its daily price. Yet, it’s worth noting that the trading volume has dipped by 11%, down to approximately $89 million.
As a crypto investor, I found myself intrigued by AMBCrypto’s insight into Kaspa’s price trajectory. It seems this altcoin is surging upwards quite remarkably.
At the moment of reporting, the Advance Decline Ratio stood at 3.57, indicating more stocks advanced (moved up) compared to those that declined (moved down). Such a ratio greater than 1 implies recent highs exceeded lows, which is a positive sign for the market as it demonstrates market strength.
A sustained positive ADR showed a strong upward, thus indicating increased buying interest.
Over the last seven days, the Relative Strength Index has risen significantly, moving up from a low of 35 to its current value of 48 as we speak.
Over the last fortnight, the altcoin has been heavily influenced by a surge in purchasing activity, with demand increasingly dominating supply pressure.
Upon closer examination, the analysis conducted by AMBCrypto on Coinglass indicates a decrease in long position liquidations during the last week. At present, liquidations for long positions stand at approximately $592 thousand.
It was clear from the failed liquidation attempt that investors were willing to pay extra to maintain their investments, while those who had wagered against the market have run out of funds.
To wrap up, Open Interest for KAS has seen a continuous growth spurt during the last seven days. In fact, the Open Interest for this altcoin has surged from $50 million to approximately $61.97 million within that timeframe.
Thus, investors were holding their positions while opening new ones.
Read Kaspa’s [KAS] Price Prediction 2024-25
Kaspa is showing signs of a robust recovery following the market’s dip, with noticeable growth in purchase activity. Should this momentum continue, it may challenge its earlier resistance levels at approximately $0.185 and $0.195.
However, a market correction will cause Kaspa to decline to $0.161.
Read More
- SQR PREDICTION. SQR cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- Miners ‘punishing’ Bitcoin? Analysts point fingers as BTC slides below $66K
- EUR BRL PREDICTION
- BLOCX PREDICTION. BLOCX cryptocurrency
- CELL PREDICTION. CELL cryptocurrency
- BLACK PREDICTION. BLACK cryptocurrency
2024-08-14 14:16