Following a recent dip, Kaspa [KAS] witnessed a significant uptrend in its price movements. Within the last week, KAS surged from a low of $0.08 to a peak of $0.112.
As of the present moment, Kaspa is trading at $0.11, showing a notable 37.5% increase on a weekly basis.
Prior to this upward momentum, KAS had been on a downward trend, declining by 24.26% over the last month. Thus, the question arises within the KAS community regarding the sustainability of this reversal.
Assessing the Sustainability of Kaspa’s Recent Growth
According to an analysis by CryptoCrypto, there is a notable increase in demand for Kaspa, bolstering its upward trajectory.
For instance, the Relative Strength Index (RSI) for Kaspa has shown a consistent rise from 30 to 51 in the past week. This continuous uptrend indicates that buyers are in control while sellers seem to have exhausted their selling pressure.
Furthermore, the rising Relative Vigor Index (RVGI) reinforces this upward trend. Since a bullish crossover six days ago, the RVGI has remained on an upward trajectory, signaling robust momentum.
Bullish Sentiments Among KAS Investors
Delving deeper, investors in Kaspa exhibit bullish sentiments across the board. The Aggregated Funding Rate AVG for KAS has turned positive, settling at 0.0077.
A shift to a positive value implies that long position holders are optimistic and willing to pay shorts to maintain their positions.
This positive market sentiment reflects strong optimism, with investors anticipating further price appreciation.
Additionally, the dominance in the market further supports the bullish sentiment among long positions, constituting 62.83% of futures contracts.
With a Long-Short Ratio of 1.648, it is evident that long positions prevail in the market, indicating a bullish outlook and potential for further gains for Kaspa.
Over the past two weeks, Kaspa’s Circulating Marketcap Dominance has seen an increase, rising from 0.07 to 0.08. This surge signifies growing investor confidence, with more capital flowing into KAS compared to other assets.
Consequently, Kaspa is witnessing increased adoption, ecosystem expansion, and favorable market conditions, making it an attractive prospect for new investors and bolstering its growth trajectory.
At present, Kaspa maintains its upward momentum with buyers dominating the market. Strong optimism prevails, positioning KAS favorably for future growth.
If the current trend persists, Kaspa is poised to surpass the $0.11 resistance and reclaim $0.13. However, a potential correction could result in the altcoin dropping below $0.1 to $0.09.