Kaspa Price Forecast: Is KAS Preparing For A Massive Breakout This Week?
Highlights
- Kaspa's market capitalization surged by 14.96%, indicating robust investor interest and trading activity.
- A 208% increase in trading volume positions Kaspa among the top cryptocurrencies by volume.
- Technical indicators suggest a potential continuation of Kaspa's upward trend in the near term.
Kaspa price forecast: KAS, a proof-of-work (PoW) cryptocurrency, has experienced a notable surge in price after bullish market activity over the past 24 hours. Kaspa price rose by 14.91%, reaching $0.171, according to CoinMarketCap data. This increase has brought Kaspa’s market capitalization to approximately $4 billion, marking a significant 15% growth.
The trading volume for Kaspa also saw a substantial rise, with a 208% increase, totaling $230 million. This surge in trading activity has pushed Kaspa to rank 38th in volume among cryptocurrencies.
The current circulating supply is 23.8 billion KAS, 83% of its total supply, with a maximum supply capped at 28.7 billion KAS.
Kaspa Price Forecast: Can KAS Surpass $0.18 Resistance Level Soon?
The KAS price has surged more than 21% over the past week, reflecting heightened investor interest and market activity. This rapid increase has captured the attention of both retail and institutional investors, driving further speculation and trading volume. The price has been trading from $0.13 to $0.17, showing strong resistance at the upper end of this range.
Kaspa’s price is trading near an all-time high of $0.1894, adding to the bullish sentiment surrounding the asset. As the price approaches this key level, market participants keenly observe potential breakout signals that could indicate further upward momentum. KAS has increased by 53% in the past month, reflecting strong investor confidence and rising trading volumes.
It could signal a resurgence if bullish momentum propels KASPA past the $0.18 resistance. This move might drive its value to the $0.25 peak, setting a new record. Surpassing this level could lead to the $0.3 resistance in the near term.
Conversely, a downward trend might see KASPA retract to the $0.17 support level. A seller-dominated market could further push the price to the $0.15 support zone. If bearish pressure increases, the KASPA price could fall to $0.1.
Technical Indicators Point to Continued Growth
The technical indicators for the Kaspa price on the daily chart reveal a significant upward movement. The Relative Strength Index (RSI) stands at 78.69, indicating an overbought condition, suggesting an uptrend.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover. The MACD line at 0.00958998 above the signal line at 0.00616742 indicates strong upward momentum.
The Average Directional Index (ADX) stands at 39.47, indicating a robust trend strength. Alongside, the Awesome Oscillator (AO) shows a positive value of 0.02211369, confirming bullish momentum. This combination of indicators suggests a potential continuation of the upward trend for Kaspa in the near term.
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