Kaspa (KAS) has been having an impressive performance against Bitcoin (BTC), as the coin touched new all-time highs on June 5, 2024. According to LongTerm, a prominent crypto analyst, the KAS/BTC chart is a sight to behold, describing it as “pure beauty.”
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Kaspa Leads the Way After Market Dip
LongTerm highlights Kaspa’s resilience and strong performance following the recent market dip. The analyst points out that KAS was the first mover after the dip and has already broken its downtrend weeks ago. This early recovery and trend reversal suggest that Kaspa has the potential to outperform other cryptocurrencies in the current market conditions.
Furthermore, LongTerm notes that Kaspa has successfully broken through the RSI-based moving average and is currently in the process of retesting it. This technical development is a bullish sign, indicating that KAS may be poised for further upward momentum.
Kaspa’s Market Dominance and Bullish Outlook
Bitcoin Ape, another respected analyst, shares a similar bullish sentiment regarding Kaspa’s price action. According to their technical analysis, KAS has not only broken through the R1 and R2 resistance zones but also touched its previous all-time high (ATH) before retracing. While Kaspa failed to break through the ATH, Bitcoin Ape believes it is only a matter of time before the cryptocurrency achieves this milestone.
Bitcoin Ape attributes the slight pullback to Bitcoin’s price action, which is holding back many other coins. However, the analyst emphasizes that KAS is currently oversold and appears ready to make another attempt at breaking its ATH. Bitcoin Ape advises investors to keep a close eye on Kaspa this week, as the coin shows significant potential for further growth.
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Show more +Technical Analysis Supports Bullish Narrative
A detailed technical analysis provided by altFINS reinforces the bullish outlook for Kaspa. The analysis highlights KAS’s breakout from a falling wedge pattern and its move above the 200-day moving average, signaling a resumption of the uptrend. However, Kaspa faced resistance at $0.19, a level that also rejected the price in February, and experienced a pullback due to profit-taking.
altFINS identifies the current situation as nearly identical to the one in February and suggests that investors consider buying on pullbacks near the $0.15 support area. This level presents an attractive swing trade entry opportunity, with a potential 25% upside target back to $0.19. The recommended stop loss is set at $0.138.
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The technical analysis also reveals that Kaspa’s short-term, medium-term, and long-term trends are all pointing upwards, indicating a strong bullish sentiment. While the momentum is currently bullish, the MACD histogram bars’ decline suggests that a potential downswing in momentum could be on the horizon.
Read more: Why is the Crypto Market Down Today?
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