After hitting a low of $0.101 a month ago, Kaspa [KAS] has experienced a significant uptrend, reaching a peak of $0.179 on the price charts.
This upward trend has continued in the past 24 hours, with Kaspa currently trading at $0.171 as of the time of writing. This represents a 10.7% increase within just one day. Moreover, the altcoin has also shown positive growth on both weekly and monthly charts, with gains of 4.69% and 44.03% respectively.
Despite these positive movements, KAS is still around 17.48% below its all-time high (ATH) of $0.2075.
With Kaspa gaining momentum on the charts, the question arises – Could Kaspa be on the cusp of entering a sustained upward trend?
Evaluating the Altcoin’s Price Chart
According to an analysis by CryptoCrypto, Kaspa is currently finishing a strong upward trend, accompanied by optimistic sentiment from investors.
One significant indicator of this positive momentum is a bullish crossover observed on the MACD. In the last 24 hours, the MACD line crossed above the Signal line, signaling the potential continuation of a bullish trend.
Furthermore, the Stochastic RSI recently saw a bullish crossover, indicating that buyers are now driving the market in their favor.
Increased buying pressure often leads to a lower supply amid growing demand, subsequently pushing prices higher on the charts.
In addition, the influx of new investors can further amplify this buying pressure.
For instance, Kaspa’s Futures Open Interest surged to a record high of $152.5 million. Such a substantial increase in Open Interest suggests that investors are opening new positions in anticipation of further price hikes.
Moreover, the long/short ratio for KAS indicates that investors have predominantly taken long positions. When long positions dominate the market, it signifies a bullish outlook where investors are expecting prices to rise.
Given the rise in long positions, it can be inferred that the majority of these new positions favor long positions.
Future Prospects for KAS
Current market conditions reveal that Kaspa is in a bullish phase, driven by positive sentiment and increased favorability among investors. These factors could potentially lead to further gains for KAS.
If the prevailing market conditions persist, KAS is likely to target breaking through the resistance level at $0.180, which has previously posed challenges. A successful breakout from this level could propel Kaspa towards $0.184 and eventually aim for $0.19, a level not seen since August.
In the event of a market correction, the altcoin might find support around $0.161.