Crypto analyst Jim, S𐤊i ₿um (@Cryptographur on X) has shared insights on Kaspa’s (KAS) price performance. The analyst suggests that KAS could reach its all-time high (ATH) more rapidly than Bitcoin.
Moreover, Cryptographur’s observations come amidst Kaspa’s strong market position and growing hash rate, sparking interest in the crypto community.
What you'll learn 👉
Kaspa’s Market Performance
According to Cryptographur, Kaspa has been demonstrating resilience in the market. “Every dip is bought,” the analyst noted, indicating strong buyer support for the token.
The analyst also pointed out that among the top 100 cryptocurrencies, Kaspa is currently the closest to its ATH, even surpassing Bitcoin in this aspect.
The analyst highlighted the growing hash rate of Kaspa, describing it as “parabolic.” This increase in hash rate typically suggests growing network security and miner confidence in the project.
Additionally, the analyst observed that Kaspa’s price is outperforming other cryptocurrencies in the market.
Kaspa Price Analysis
A detailed analysis of Kaspa’s daily price chart on TradingView reveals several key levels and potential scenarios for the token’s price movement. The current price of Kaspa stands at $0.1628, with its ATH at $0.2075.
The analysis points up key Fibonacci retracing levels that can either support or oppose Kaspa’s price. The 0.5 Fibonacci level at $0.1663 is interpreted as direct opposition, whilst the 0.617 Fibonacci level at $0.1780 represents a psychological barrier.
Before there might be a retest of the ATH, the 0.786 Fibonacci level at $0.1896 is thought to represent the final major barrier.
From the support standpoint, should the price be rejected at higher levels, the 0.382 Fibonacci level at $0.1566 is clearly a significant support area. A lower support zone is the 0.236 Fibonacci level at $0.1446; the August low of $0.1251 marks a crucial defense level.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Why Is Internet Computer (ICP) Price Pumping?
Potential Price Scenarios
The analysis suggests that for Kaspa to successfully retest its ATH, it needs to overcome several key resistance levels. Breaking above $0.1663, surpassing $0.1780, and clearing $0.1896 are identified as crucial steps in this process.
Should Kaspa not be able to overcome these resistance levels, retests of the lower support regions at $0.1566 and $0.1446 could result. Based on the analyst’s findings, Kaspa’s performance is under scrutiny in the crypto market since it keeps demonstrating strength in relation to other tokens in the top 100 by market cap.
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.
