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KAS has surged by 7.91% over the past 24 hours as trading volume soars by 68.83%.
The shift in market sentiment awakens optimism with analysts eyeing new highs.
As a seasoned crypto investor with a penchant for identifying undervalued gems and riding market trends, I must admit that the recent surge in Kaspa [KAS] has piqued my interest. With over a decade of experience in this dynamic field, I’ve seen my fair share of market fluctuations, but the 7.91% jump over the past 24 hours is certainly noteworthy.
Over the past month, the cryptocurrency Kaspa (KAS) has seen a continuous drop. But surprisingly, it’s made an impressive recovery recently. At this moment, KAS is being traded at $0.1611. This represents a 7.91% increase within the last 24 hours and a slight 0.47% uptick on the weekly charts.
Over the past while, as prices rebounded, both trading activities and demand have picked up significantly. Consequently, this surge in interest led to a notable increase in trading volume, jumping approximately 68.83% to reach an impressive $44.9 million. During this same period, the market capitalization also experienced growth, expanding by around 8.00%, now standing tall at $3.9 billion.
Before this recent increase, KAS had been experiencing a significant downward trend, decreasing by 4.14% over the last month. Even with the upward movement, Kaspa is still 20% lower than its all-time high (ATH) of $0.2, which was reached on August 1st, 2024.
Consequently, the latest market adjustment has sparked optimism among analysts who anticipate more growth. For example, Kyledoops predicts a fresh all-time high in the near future.
Prevailing market sentiment
As a crypto investor, I’ve been closely watching KAS and in my own analysis, I noticed that it dropped below its Exponential Moving Average (EMA). Historically, when this digital asset has dipped below its EMA bands, it’s soared to unprecedented peaks. So, I find myself intrigued by the current situation and keep a keen eye on any potential moves.
Consequently, following our examination, it’s expected that KAS will reach a new all-time high (ATH) soon, primarily after overcoming this current dip.
What KAS charts suggest
According to AMBCrypto’s analysis, KAS was experiencing a strong upswing at press time.
Initially, Kaspa’s Relative Strength Index (RSI) has climbed up from 34 to 50. This implies reduced selling actions and increasing buying interest. Essentially, this indicates a breakout from a slump and the market moving into its initial phase of an uptrend.
Furthermore, with an Advance Decline Ratio (ADR) of 1.96, it appears that more assets are progressing upward (advancing) than downward (declining). This indicates a predominantly positive market sentiment due to widespread buying pressure. This is a robust bullish signal.
Glancing ahead, the liquidation of Kaspa’s long positions has dropped significantly from $119,700 to $785 as we speak. This indicates a growing optimism among investors regarding the potential of this altcoin in the future market.
Read Kaspa [KAS] Price Prediction 2024-25
The rising market trend was also fueled by the higher need for long-term investments, as suggested by a favorable overall open interest (OI) funded rate.
Given these circumstances, it seems likely that KAS could see more increases as it breaks free from its downtrend. If the current market conditions persist, KAS may try to surpass the $0.184 resistance point.
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2024-09-10 16:07