In his latest video update, cryptocurrency analyst and influencer Crypto Chrys provided an overview of recent price action and developments for privacy coin Kaspa (KAS).
The privacy-focused cryptocurrency Kaspa (KAS) saw a bullish move over the weekend, rallying 1.4% to around 11.4 cents, according to Crypto Chrys. This comes on the heels of Bitcoin breaking out above $43,000 after retesting the $41,250 support level last week. At press time, KAS is trading at $0.1042, with a 11% drop in value in the last hour.
Bitcoin’s breakout above resistance could signal further upside for the cryptocurrency market, especially if the SEC approves a Bitcoin ETF in January, as some predict. This would likely have a positive effect on altcoins like Kaspa.
What you'll learn 👉
Kaspa Price Action
- Kaspa is currently trading around $0.1041, up 1.4% from Saturday, said Crypto Chrys.
- The market cap stands at $2.5 billion.
- Kaspa is retesting the 11.5 cent level after breaking bearish on Friday. Holding above this key resistance could pave the way for further upside, according to Crypto Chrys.
- A potential bull flag pattern remains in play, with a technical target around 15 cents, noted the analyst.
- Bitcoin quickly rebounded from below $41,000 last week to over $43,000, explained Crypto Chrys.
- The leading cryptocurrency is now down around $42,000.
- Breaking above $45,000 level could trigger a rally towards $47,000 or $48,000 if bullish momentum continues, said Crypto Chrys.
Bitcoin ETF Speculation
Rumors are circulating that the SEC could finally approve a Bitcoin ETF in January, according to Crypto Chrys.
Some analysts predict this will catalyze a surge for Bitcoin, likely lifting the entire crypto market. However, if the SEC rejects or further delays a Bitcoin ETF, the reaction could be severely negative, resulting in heavy selling pressure on Bitcoin and altcoins, warned the analyst.
Kaspa Fundamentals Remain Strong
Despite recent price weakness, Kaspa’s fundamentals remain solid, according to Crypto Chrys:
- Hashrate hit a new all-time high of 143.5 petahashes per second over the weekend as Kaspa’s security continued to strengthen.
- Top-holder wallets are steadily accumulating, with the top 2 wallets now holding over 500 million KAS each.
- Active addresses and other network growth metrics continue to post healthy numbers.
In summary, Kaspa looks poised to rally if Bitcoin can maintain its momentum above resistance, said Crypto Chrys.
The cryptocurrency’s strong fundamentals and technical setup make it an attractive speculative buy at current prices under 12 cents. However, investors should be cautious and manage risk appropriately, as Bitcoin’s price action will likely dictate Kaspa’s direction in the short-term.
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