Is It on Fumes or Could It Keep On Rising?

Kaspa Crypto is one of the top 25 projects, and in terms of market cap, it is ranked firmly at 23rd. It inclined by 15.11% in market value and surged by 168.67% in trading volume in the last 24 hours, per the coinmarketcap, a crypto data analysis website. Its market value is $4,308265,255, and its trading volume is $121,306,972. There are 22,747,873,434 KAS in circulation.

KAS crypto’s open interest is $56.28 Million. As per Coinglass, another crypto analysis website, it surged by 21.13% in the previous session. 

The long versus short ratio for 24 hours is 0.9849. The short liquidation is $190.02 K versus $56.76 K for the long liquidation. That data shows short liquidation is high and price rallies in correspondence to the liquidation.

Is Kaspa Crypto Running on Fumes, or Could It Advance More?

The Kaspa price movement displays past price action, as it progressed from $0.04000 to $0.15000 by November 2023. It has displayed exemplary performance on the chart in the prior week, month, and three months by 26.26%, 76.72%, and 58.03% respectively, pointing to a reliable upward movement.

The price on the daily chart also pictured that the price struggled at the supply region for some sessions and ended up in a declining wedge.

However, the KAS crypto was incapable of breaking significant support. It demonstrates that it has exhibited a signal of total recovery as the price bounced back from a critical support level of around $0.09250 on the chart.

At the time of publishing, Kaspa crypto experienced a solid inclination of 2.31% in the last 24 hours, trading at $0.187966, and has been exhibiting a strong breakout from the falling wedge bullish pattern. The supply has been breached in the process. 

After jumping over the supply zone, the price gave a boost to another rally. Moreover, the trading volume for the last 24 hours on all trading platforms is 112.22 Million.

The KAS crypto looks poised to continue this stunning rally above the supply area as it prepares by showing strong buying momentum to shatter the other resistance level on the daily chart and soar to new heights from the current level.

The price action in Kaspa assets shows bullish potential as it skyrocketed strongly from dynamic support and prevails above major 20-day and 50-day EMAs.

Moreover, the KAS asset is in a strong uptrend as MACD is above the zero line and shows a broad histogram bullish crossover. The MACD line is at 0.01740, the signal line is at 0.01160, and the histogram is at 0.005800. The RSI indicator displays strong signs of some sideways movement to relax the RSI curve value from extreme overbought range levels to normal value conditions, which is to keep above the median line. 

Therefore, if the demand continues to surge in KAS, the asset price could rise exponentially from the current level. The next goal for the price is to reach $0.250000, and in-between resistance would be $0.200000.

Another possibility is that if the Kaspa crypto price fails to stay above the $0.160000 supply level, it could slump below and show strong buyer rejection.

Summary

The last seven days in the market cap chart highlight that it has surged well and open interest has surged with it abruptly, the recent strong rally is the result of these data. Moreover, the price action is still on the buying side, which is favored by the major technical tools as well such as RSI, MACD, and EMA.

Technical Levels

Support Levels: $0.160000

Resistance Levels: $0.200000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.