The crypto market is in the red this week. Bitcoin is now trading below $61k while most altcoins are in a bloodbath. Even Kaspa, which has a very strong community and therefore experiences price plunges slowly, is down 3% today. The KAS price is now trading slightly below $0.18.
It’s important to note that a 3% decline is insignificant for some coins, but for Kaspa, it’s substantial, considering its strong community and enthusiasm among holders.
Market Analysis and Kaspa Price Analysis
YouTuber “Crypto ZX,” who has 50k subscribers, updated his outlook on Kaspa in his video today. He noted that the overall cryptocurrency market is experiencing a lot of red, with most coins down over the last hour. Despite this, there is a slight relief as some coins begin to bounce back.
Bitcoin’s dominance index is rising, which typically results in altcoins declining more significantly compared to Bitcoin. Bitcoin is still below its confirmation level. Despite this, Kaspa has outperformed BTC, being up 0.4% in BTC comparison.
The market valuation for Kaspa is $4.5 billion with a 24-hour trading volume of about $110 million. The price situation is not as negative as it might seem at first glance.
Crypto ZX highlights that Kaspa is holding its previous all-time high level from February as a significant support level. There is a possibility of retesting the $0.18 mark if Bitcoin continues to decline.
Despite a drop over the past 24 hours, Kaspa is still up 35% from its lows on June 18. It is close to its all-time high zone and has seen higher highs and higher lows, maintaining an upward trend in line with Bitcoin’s performance.
The YouTuber suggests that Bitcoin’s performance over the weekend could significantly impact Kaspa. If Bitcoin retests its support levels or drops below the $53,000 yearly low, Kaspa could see further downside.
However, despite short-term fluctuations, Crypto ZX is optimistic about Kaspa’s long-term potential due to factors such as pending smart contract launches and listings on major exchanges. These developments could drive Kaspa’s price up in the future.
Read also: Cardano (AD) Price Pattern That Triggered the Last 40x Bullish Spike Reemerges: Will History Repeat?
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