Kaspa (KAS) is being noted by analysts for its potential in the crypto market. A tweet by Crypt0Proselyte highlights the significance of Kaspa’s rapidly increasing hashrate and how it aligns with its potential price movement.
The hashrate’s correlation with Kaspa’s price has been cited as a critical metric for the coin’s performance, offering a glimpse into the asset’s future prospects.
In the tweet, Crypt0Proselyte notes that the hashrate is following a power law with an R^2 value of 0.9508, signaling a strong model fit.
The tweet further predicts that Kaspa could surpass 1 exahash per second (EH/s) soon, with long-term expectations to reach 100 EH/s in the coming years. The analysis points to Kaspa’s goal of breaking into the top 10 cryptos this cycle, with ambitions to climb even higher in the next few years.
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Kaspa’s Hashrate and Power Law Correlation
The power law relationship between Kaspa’s hashrate and time is a major talking point in the recent analysis. The formula in the tweet indicates that the hashrate will increase exponentially over time.
Kaspa has positioned itself as a major competitor in the market as it is already getting close to 1 EH/s. Moreover, it has potential and might reach 10 EH/s in around 500 days.
Kaspa’s exponential expansion, primarily because to its network’s expanding computational capacity, has spurred forecasts that it will secure a top 10 position in this bull cycle.
According to the algorithm, Kaspa’s hashrate should reach 100 EH/s in about a thousand days, which might strengthen its position in the market. These projections are fueling anticipation for KAS to challenge some of the largest cryptos soon.
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Show more +Technical Analysis on Kaspa’s Price
Technically, Kaspa’s daily chart indicates a cautious view. At the moment, the price is trading close to the lower Bollinger Band, suggesting that an oversold situation may exist.
This usually means that if enough purchasing pressure materializes, a price reversal may be on the horizon. The resistance zones are located between $0.16 and $0.17, while the current support level is approximately $0.14.
Even if the selling pressure seems to be lessening, the MACD exhibits bearish momentum. The RSI is getting close to the oversold area, indicating that a price recovery may be imminent.
Read also: Solana’s Bearish Trends Persist: Will SOL Price Dip To $80?
Price Outlook and Potential Growth
The combination of Kaspa’s rising hashrate and the current technical indicators presents a mixed but potentially bullish outlook for the coin.
If KAS can hold above the $0.14 support level and break through key resistance points, it may see a short-term rally. Moreover, the approaching oversold levels in the RSI suggest that selling pressure may soon wane, allowing for a price recovery.
With Kaspa’s growing hashrate and its ambitions for further network expansion, the asset’s position in the market will likely continue to grow as it seeks to break into the top 10 cryptos soon.
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