Analyst Sees Ongoing Kaspa Price Dip as a ‘Bear Trap’, Explains Why KAS Can’t Stay Below $0.16
The price of Kaspa (KAS) has dipped by 20% in the last four days, trading at around $0.156 at the time of writing. However, popular crypto analyst Crypto Chrys believes this dip is nothing but a “bear trap,” urging holders not to panic sell. In his latest YouTube video titled “Kaspa: This Is A Huge BEAR TRAP! (Here’s Why),” Chrys explains why he remains bullish on Kaspa despite the recent sell-off.
Chrys expresses his belief that the current situation with Kaspa is a “bear trap” and anticipates a reversal starting next week. He suspects whale manipulation in the Kaspa and Bitcoin markets, expecting a reversal soon. According to Chrys, Kaspa’s price is unlikely to drop below $0.16 for long, and he expects a quick recovery.
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Despite the recent price dip, Chrys highlights several positive indicators for Kaspa’s long-term growth. The project’s hash rate has reached 342.65 P per second, showing consistent growth and increasing mining adoption, which indicates bullish sentiment.
Moreover, the transition to Rust is almost complete, currently at 99.89%. Chrys predicts a bullish month for Kaspa in June, potentially reaching $0.40 or more.
Technical and Fundamental Analysis
From a technical analysis perspective, Chrys highlights a potential reversal pattern, calling it a “bear trap.” He emphasizes the impact of whale manipulation on Kaspa and Bitcoin and predicts that Kaspa will surpass $0.20 and potentially $0.30 soon.
On the fundamental side, Chrys cites significant institutional inflows as a sign of upcoming bullish trends. He also mentions El Salvador’s growing Bitcoin holdings, now worth over $400 million, and 18 consecutive days of inflows into Bitcoin spot ETFs, signaling a bullish trend.
Chrys reiterates that the current Kaspa drop is a buying opportunity. He advises viewers to buy Kaspa while it’s still cheap, predicting significant future gains. Kaspa could easily double, reaching $0.40 or more with upcoming market developments, according to Chrys. Additionally, he recommends storing Kaspa in cold storage for safety, specifically mentioning Trezor with a discount code.
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