Recent trends have shown that Kaspa [KAS] has been underperforming, especially following a correction in the overall market. Over the past month, the asset experienced a decrease of 21.92%, and a further examination suggests that this downward trend may persist. Current projections indicate the possibility of a substantial decline in the price of KAS.
There are predictions circulating that suggest a potential crash of up to 93% in the price of KAS, especially if a critical support level is broken.
Record-Breaking Achievement – Surge in KAS Holders
Within the past 24 hours, the number of KAS addresses has significantly increased, reaching a new all-time high.
Data from Kaspalytics shows that there are now 538,030 addresses holding at least 1 KAS. This growth typically indicates that traders are accumulating the asset, often signaling an upcoming price surge. It’s worth noting, however, that despite this milestone, KAS saw a minor decrease of 0.47% in the last 24 hours.
Upon conducting a comprehensive analysis of its price movement, indications point towards a potential bearish trend in the coming days, with further declines dependent on the asset’s ability to maintain a crucial support level.
Potential 93% Price Decline on the Horizon for KAS?
Currently, the price chart of KAS suggests a significant drop may be imminent, as a classic head-and-shoulders pattern is emerging, particularly with the price approaching a critical level.
This level is acting as a vital support barrier, preventing a more severe decline. However, breaching this level could result in a sharp downward spiral for KAS.
Based on price range data from TradingView, the projected decline could be as substantial as around 93%, potentially reducing the asset’s value to $0.00795. An analysis of technical indicators by CryptoCrypto also supports this perspective, indicating a bearish market sentiment and a potential downward trend.
Confirmation of Bearish Trend for KAS
Key market indicators such as the Average Directional Index (ADI) and Bull Bear Power (BBP) have verified a bearish outlook for KAS.
The ADI, which measures trend strength in the market, suggests that the downward trend may be gaining traction. A rising ADI indicates a more robust trend alignment. At present, the ADI stands at 27.61, and if this pattern continues, KAS could depreciate further.
Conversely, the BBP, which identifies market dominance between buyers and sellers, indicates that sellers currently have a significant advantage. The bear momentum bars are in the red and showing a downward trend, reinforcing the bearish sentiment surrounding Kaspa’s market.