Bullish Kaspa Metrics Point to Another Imminent KAS Breakout, But Bitcoin Price Action Remains Deciding Factor
Kaspa (KAS) has enjoyed an impressive run since the beginning of February, but its price started to retrace over the last 3 days after hitting $0.18. It now sits around $0.16. Meanwhile, Bitcoin has been trading sideways around $51,000 after 6 days of consolidation near $52k.
What you'll learn 👉
Favorable Technicals and On-Chain Data
According to crypto analyst Crypto T, Kaspa is showing signs of preparing for its next major breakout based on technical and on-chain factors.
In his recent YouTube video analysis, Crypto T notes that Kaspa has strong resistance around its all-time high of $0.187. Overcoming this level will be key for continued upside. The $0.166 level has also emerged as an important support after repeatedly holding during tests.
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Show more +On-chain data reveals significant KAS accumulation by top addresses, especially address #16 which added nearly 10 million coins. This whale accumulation points to bullish sentiment building.
Bitcoin Price Needs to Remain Stable
However, Crypto T asserts that another leg up for Kaspa depends heavily on Bitcoin maintaining stability or trending upward. With Bitcoin trading sideways after its recent consolidation, conditions are not yet prime for an altcoin like KAS to make a major move. But if Bitcoin can hold support around $51k, it could give Kaspa the boost it needs to retest all-time highs.
Upside Potential if Market Conditions Align
If Bitcoin cooperates and the overall crypto market sentiment improves, Crypto T believes Kaspa can realistically reach $0.20 in coming weeks. Traders should watch for a break above resistance and monitor Bitcoin’s price action closely for signs of the next Kaspa breakout.
Conclusion
In summary, analysts identify bullish technical and on-chain signs indicating Kaspa is preparing for its next rally. However, Bitcoin’s price trajectory will play a deciding role in whether Kaspa can gain enough momentum to set fresh all-time highs. Crypto T encourages investors to remain patient and strategic during this period of uncertainty. If conditions align properly, significant upside may be on the horizon for Kaspa.
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