Kaspa Breaks Down After a Massive Rally; Analyst Urges Watching This Target if KAS Plunges

The native token Kaspa, KAS, has pulled back over the last 24 hours after a blistering start to 2024. KAS currently trades down 1.1% at $0.1408 as of writing.

KAS remains one of the strongest performing digital assets year-to-date, however, boasting gains of 1,958%. Over the past week, KAS still managed to add another 33%, even as downward pressure emerged.

KAS breaks down after massive rally

The recent consolidation comes on the back of a call from trader Teshkid, who noted KAS broke down technically after the massive rally to highs around $0.148. Teshkid set downside targets at $0.122 to $0.116 based on key Fibonacci retracement levels if a bounce does not materialize quickly.

Meanwhile, analyst Miko Genno maintains a strongly bullish long-term outlook, seeing KAS reaching a “fair value” of $100 per token by May 2032. Looking even further out, Genno believes KAS could trade up towards $1,000 by November 2039.

Oversold conditions after powerful run

The pullback in KAS has coincided with the RSI indicator on daily charts falling to 70 before the latest bounce. An RSI reading above 70 signals overbought conditions, so the recent cool-off represents a healthy consolidation for KAS to rebuild momentum for the next leg higher.

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With significant upside projected by analysts like Genno over the long-term, KAS remains appealing for investors with longer time horizons. The token supply, capped at just 22,680,080,625, also supports major price appreciation if adoption continues to rise.

So while weaker technicals and profit-taking have driven a rotation back from extremely overheated RSI levels, KAS remains firmly positional to continue massively outperforming Bitcoin itself – which the project forked from.

Considering YTD returns, KAS has vastly exceeded even the gains posted by altcoin leaders like Aptos over the same timeframe. With influential backers and sound fundamentals, KAS could very well return to highs and deliver triple-digit percentage returns once again in 2024 if broader sentiment improves for cryptocurrencies.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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