According to an X post by @cagdassen2085, the accumulation process for Kaspa (KAS) is progressing well after the cryptocurrency’s price hit a bottom. The analyst believes that Kaspa is preparing for an ascent before reaching a new all-time high (ATH) and has set price targets of $0.22 and $0.40 for the asset, stating that “2024 will be the year of Kaspa coin.”
Upon further analysis of the chart, it appears that Kaspa’s price reached an all-time high of $0.18 before declining to a low of $0.11, where it seems to have found a bottom. The price has since recovered to $0.14, and bulls (buyers) are strongly defending the support levels around $0.13 and $0.14.
If the support levels continue to hold, it could pave the way for a potential price recovery, potentially allowing Kaspa to reach the analyst’s targets of $0.22 and $0.40.
It’s worth noting that cryptocurrency markets are highly volatile, and price predictions should be taken with a grain of salt. However, if the accumulation phase continues and buyers remain committed to defending the current support levels, Kaspa could potentially embark on an upward trajectory in the coming months.
For those unfamiliar with the term “accumulation phase,” it refers to a period where investors gradually increase their holdings of a particular asset, often after a significant price decline. This phase is typically characterized by a period of sideways trading or gradual price appreciation, as more buyers enter the market and absorb the available supply.
While the analyst’s targets may seem ambitious, it’s important to conduct thorough research and exercise caution when making investment decisions in the volatile cryptocurrency market.
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