Analyst Sees Potential for 50% Decline in Kaspa (KAS) as Price Nears Critical Support

November 4, 2024

Crypto Mia shared insights on the current state of Kaspa (KAS), emphasizing the importance of the $0.1100 support level. According to Mia, maintaining this support is crucial for sustaining bullish momentum.

If KAS drops below this threshold, the analyst warns that it could transform into a resistance level, leading to a more bearish outlook.

A detailed examination of the KAS/USDT chart reveals significant support and resistance zones. The analyst notes that the $0.1100 level is a pivotal support area This is marked by a yellow band just above the current price of $0.10826.

Should this level hold, it may serve as a robust foundation for a potential bullish rebound. However, if the price breaches this level, the next significant support is around $0.0500, indicating a potential decline of more than 50%.

The Two Possible Scenarios Outlined

Mia outlines two possible scenarios for KAS. In the bullish scenario, if KAS can sustain its price above $0.1100, there is a likelihood of a rebound, which could lead to a renewed uptrend and a retest of previous highs near $0.15 and beyond.

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Conversely, in the bearish scenario, should the price fall below the crucial support level, it could signal a shift in momentum. This would suggest that the $0.1100 area could become resistance, potentially resulting in a decline toward the secondary support of around $0.0500.

Currently, KAS is trading at $0.10826, just under the critical support level, making the upcoming days essential for determining whether this level will hold or flip to resistance.

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