Kaspa has seen its token price decline over 5% lately, falling from around 17 cents to about 16 cents. According to a YouTube video analysis by Crypto T, this retracement is largely attributed to Bitcoin’s influence over the broader altcoin market. However, Kaspa retains strong fundamentals and accumulation trends that point to a positive long-term outlook.
What you'll learn 👉
Current Price Levels and Technical Analysis
After reaching an all-time high price of about 14.5 cents recently, Kaspa has pulled back but remains ranked 28th by market capitalization, which stands near $3.7 billion. Crypto T points out a “falling wedge pattern” that Kaspa broke out above but failed to hold. This indicates the possibility of a retest of either the upper boundary of this technical pattern or the former highs.
Bitcoin Dictates Market Sentiment
Significantly, Crypto T stresses that “this Kaspa retracement is just because of the Bitcoin retracement.” With Bitcoin experiencing its own pullback, the sentiment has spilled over to impact altcoins across the board. If Bitcoin can stabilize or regain some ground, Kaspa may also benefit.
Long-Term Outlook Still Bullish
Besides the short-term wavering tied to Bitcoin’s fluctuations, Crypto T retains a bullish long-term view on Kaspa. He cites a “70% probability” of Kaspa retesting its all-time high in the future if Bitcoin trends positively.
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Show more +Moreover, Kaspa boasts strong fundamentals and increasing accumulation by investors. Hence, the recent drop does not fundamentally undermine Kaspa’s impressive growth story.
Crypto T encourages viewers to focus on the bigger picture during periods of volatility. While the crypto markets may waver in the short term, Kaspa’s robust technicals, fundamentals, and adoption metrics point to a promising long-term
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