Remember Kaspa? One of the most profitable altcoins of the current bull run. Well, in the last few months, the KAS price hasn’t produced any significant gains. In fact, it’s trading in the sideways channel between $0.10 and $0.13 range.
Earlier this week we reported on how whales and big players currently manipulate the Kaspa price.
That being said, during the parabolic runs Kaspa experienced, this project gathered a huge community and nowadays we have quite a few analysts on X that are very bullish on the KAS price. One of them is “Travladd” who has over 420k followers on X. He posted a viral Kaspa chart last night.
Looking at the Kaspa chart, there’s a clear ascending support line (marked in blue) that connects multiple significant price lows. This support line has been tested five times already, with each bounce confirming its strength as a crucial level for Kaspa’s price action.
The price movement has formed what appears to be a wave pattern, with five distinct points that could signal the completion of a corrective phase. After reaching its peak at around $0.207914, the price has retraced to the current support level of approximately $0.116277.
Market Structure Suggests Potential Recovery
Kaspa is showing signs of attempting to bounce back from the blue support line from the current $0.11-$0.118 range. While the KAS price is up 2.5% today, it’s worth noting that it’s still down 20% for the month, suggesting we might be in oversold territory.
The analyst’s chart includes a green arrow pointing upward, indicating optimism about Kaspa’s future price movement. This technical outlook aligns with the overall sentiment that recent price drops might be temporary, especially considering Kaspa’s strong fundamentals and growing community support.
However, traders should remain cautious as a breakdown below the current support level could trigger further bearish momentum. The key level to watch is the blue support line, which has historically served as a reliable bounce zone for KAS price.
Read also: Top Analyst Explains Why Buying Kaspa (KAS) is Better Than Solana (SOL)
Looking at the broader picture, if Kaspa maintains this crucial support level, we could see a move toward previous resistance levels. The first target would likely be the $0.15 region, with potential for further upside if market conditions improve and buying pressure increases.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
