How Will Kaspa (KAS) Price Perform This Summer?

While the overall crypto market is slumping, crypto analyst Cilinix Crypto has issued a warning for Kaspa (KAS) investors. The analyst points out a few factors, including the overall crypto market conditions, that reversed the course of KAS.

Analysis Highlights Short-Term Bearish Sentiment

Cilinix stated that despite the expectations of a rise to $0.22 following a breakout above $0.195, Kaspa price dropped to its current level of $0.1534.

The analyst stated that the overall market conditions have played a major role in Kaspa’s performance. He also suggested that a more favorable overall market could have helped in a stronger breakout.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Cilinix also mentioned that Kaspa has broken below key support levels, particularly around $0.18. The analyst stated that these are signs of a bearish outlook.

Despite the current price drop, the analyst said that Kaspa is poised for a recovery once the market cools down.

Kaspa price prediction for August

CoinCodex has shared the price prediction for Kaspa for August. According to the platform, KAS is predicted to surge 227.55% and hit $0.50975 by August 4, 2024.

CoinCodex also acknowledges that the current sentiment is bearish. The Fear & Greed Index shows a reading of 29, which shows “Fear” in the market.

Source: Coincodex

The platform also highlighted that, over the past 30 days, Kaspa has shown mixed results. The data shows that only 12 out of 30 days (40%) were positive. KAS was also down by almost 15% during this period.

Nevertheless, based on current technical indicators, CoinCodex suggests that it might not be the ideal time to invest in Kaspa.

Read more: XRP Price Could Hit $4 in Its Next Leg Up: Analyst Shares Major Ripple vs. SEC Update

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo