- KAS has surged by 7.91% over the past 24 hours as trading volume soars by 68.83%.
- The shift in market sentiment awakens optimism with analysts eyeing new highs.
Kaspa [KAS] has experienced a sustained downtrend over the past month. However, in a major comeback, KAS has made significant gains. In fact, as of this writing, the altcoin was trading at $0.1611. This marked a 7.91% surge over the past 24 hours and 0.47% on weekly charts.
As the prices have recovered, the trading activities and demand have also followed suit. Thus, the trading volume has surged by 68.83% to $44.9 million. In the same period, the market cap has increased by 8.00% to $3.9 billion.
Prior to this uptick, KAS has been in a strong downtrend declining by 4.14% over the past month. Despite the upturn, Kaspa remains 20% below its ATH of $0.2 recorded on 1st August, 2024.
Therefore, this recent market shift has awakened market optimism with analysts foreseeing further gains. For instance, Kyledoops suggested an upcoming new ATH.
Prevailing market sentiment
In his analysis, Kyledoops talked about how KAS fell below its EMA. According to the analysts, the last three times KAS dipped below its EMA ribbons, it skyrocketed to new highs.
Source: X
Therefore, based on this analysis, KAS will record new ATH after this dip, especially after the recovery from the dip.
What KAS charts suggest
According to AMBCrypto’s analysis, KAS was experiencing a strong upswing at press time.
Source: Tradingview
Firstly, Kaspa’s Relative Strength Index (RSI) has risen from 34 to 50. This suggests a decreasing selling activity and a rise in buying pressure. This shows a breakout from a downtrend with the markets getting into the early stages of the uptrend.
Additionally, the Advance Decline Ratio (ADR) at 1.96 suggest the assets are advancing rather than declining. This suggests a bullish market sentiment as there’s broad-based buying pressure. This is a strong bullish indicator.
Source: Coinglass
Looking further, Kaspa’s liquidation for long positions has declined from $119.7k to $785 at press time. This suggests investor’s confidence in the altcoin’s future prospects.
Source: Coinglass
Read Kaspa [KAS] Price Prediction 2024-25
This market trend was further supported by increased demand for long positions as indicated by a positive OI weighted funding rate.
Therefore, the breakout from the downtrend positions Kas for further gains. If these market conditions hold, KAS will attempt a $0.184 resistance level.
Powered by WPeMatico
