- KAS surged by 20.7% in the last seven days.
All indicators showed a strong uptrend momentum for Kaspa.
As a researcher with experience in the crypto market, I’m excited to see Kaspa (KAS) defy market trends and report a sustained surge despite the recent altcoin decline and Bitcoin’s price plunge. The 20.7% increase in seven days and trading volume rise of 45.95% in the same period are impressive figures that have left many analysts speculating further growth for KAS.
Over the past month, I’ve noticed a significant downturn in altcoins, including Bitcoin [BTC] dropping down to $60k. However, amidst this market instability, Kaspa [KAS] has stood out by reporting consistent growth instead.
The recent rally has pushed KAS to an ATH after a 20.77% surge in seven days.
As of the current moment, the price of KAS was $0.1896, representing a 6.4% increase over the past 24 hours. Simultaneously, there was a significant surge in KASPA’s trading activity, with a reported volume of $129M – a noteworthy 45.95% jump.
According to CoinMarketCap, the KAS market cap has surged 6.4% to $4.5B, surpassing ICP and PEPE.
Everyone among the crypto analysis community is pondering the possibility of further expansion following this prolonged increase in the market, with Crypto Proselyte being a notable name taking significant risks in investing in KAS.
In a post shared on X (formally Twitter), he stated that,
“Can #Kaspa go #100x from the current price? The short answer is Yes.”
He further explained that,
As a researcher studying market trends and applying the power law support theory, I’ve calculated that the price of $KAS is predicted to reach approximately $18 (a 100x increase from its current value) by June 2029. This projection is based on historical data suggesting the unbroken power law support corridor since genesis.
Multiple elements are fueling this conjecture and optimistic market outlook. To begin with, as per Mr. Kaspa’s declaration on platform X, the launch of KCA20 is anticipated.
“Today is the day! #KRC20.”
One significant influence on the market is Marathon, the leading crypto-mining corporation, joining the Kaspa mining scene. Based on available information, Mara has already mined approximately 93 million KAS, equivalent to around $16 million in value.
These two developments are keeping everyone excited and optimistic about Kaspa’s future.
What do price charts indicate?
As an analyst, I observed a significant surge in the price trend of KAS based on AMBCrypto’s analysis. The Directional Movement Index (DMI), which is a technical indicator used to measure trends, further supported this observation by indicating strong upward momentum for KAS.
At the moment of publication, the positive reading of 31 exceeded the negative reading of 24. This signified robust purchasing demand and a steadily climbing market trend.
Additionally, the Awesome Oscillator indicator registers a reading of 0.021, signifying that short-term market momentum currently outpaces long-term momentum. This situation represents a bullish indication.
Based on a more detailed examination of Coinglass data, it appears that the attitude towards KAS in the market is very optimistic. This is indicated by a consistent uptrend. Moreover, our findings reveal that there have been more short position liquidations than long position liquidations on this platform.
As an analyst, I’ve discovered that investors who had placed bearish bets against the market have run out of funds. On the other hand, those with bullish long positions are currently profitable and continuing to keep their investments.
Finally, Open Interest has surged for the last seven days from $40 M to $69M.
As a crypto investor, I’ve noticed an uptick in Open Interest, which is a clear sign of heightened market activity. This surge in interest translates to more traders entering the market by opening new positions, both long and short, while maintaining their current holdings. Consequently, trading volume picks up as well, leading to a busier and more dynamic marketplace.
This market sentiment shows confidence in the altcoin’s direction and future gains.
Read Kaspa [KAS] Price Prediction 2024-25
Is KAS set for a new ATH?
If the cryptocurrency surpasses its notable resistance of $0.183 and pushes beyond its all-time high at $0.192, a bullish trend may propel it further towards the upper resistance of $0.22, potentially reaching a new peak this year.
If the market undergoes a correction, the bullish trend’s strength will weaken, causing prices to drop towards their support at $0.160.
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2024-06-30 15:04