After reaching a peak of $0.20 in August, Kaspa [KAS] faced a significant decline. However, the recent week has witnessed a notable rebound in its prices.
Currently, KAS is being traded at $0.172, reflecting a 6.47% increase over the last seven days.
Despite the altcoin’s previous downward trend, the gains made in the past week have outweighed the recent losses, resulting in a 6.73% surge in monthly charts.
The price recovery has been strongly supported by growing demand, as evidenced by the rise in trading volume. Consequently, KAS’s trading volume has escalated by 14.21% to reach $60.8 million.
During the same period, the market capitalization has also grown by 1.56% to $4.2 billion.
Insights from KAS’ Charts
According to the analysis conducted by CryptoCrypto, Kaspa is currently on a strong upward momentum. This uptrend has empowered the altcoin to break out of the descending trendline on the daily timeframe.
This breakout has positioned KAS for potential further price hikes.
As an example, the Kaspa Directional Movement Index demonstrates a robust uptrend. The Positive Index, standing at 21.6, is currently higher than the Negative Index at 16.6%, indicating a strong upward movement for KAS.
Moreover, the Relative Strength Index has reached 56.81 after experiencing an increase over the past three days, signaling heightened buying pressure over selling pressure.
The escalating buying activity signifies a higher demand for the altcoin among investors, indicating a positive sentiment prevailing in the market.
Furthermore, a recent trend reveals a rise in long position demands for KAS over the past 11 days, supported by a consistent period of positive OI-Weighted Funding.
A positive OI-Weighted Funding Rate depicts that long position holders are outpaying shorts, which is viewed as another bullish indication as numerous investors are speculating on price increments.
Lastly, KAS has witnessed notably low total liquidations for more than a month since August 5th. As of now, long position liquidations stand at $1.24k, while short positions are at $2.34k.
This behavior indicates that the current market condition is strongly bullish.
In conclusion, KAS is currently enjoying favoritism from investors, leading to a surge in prices and heightened demand. Hence, these circumstances position the altcoin for further gains in the future.
Considering this scenario, if the current market conditions persist, KAS is likely to surpass the $0.194 resistance level. Surpassing this barrier would fortify the altcoin’s position to achieve new record highs.