According to analysis from crypto trader nonfungible, the decentralized blockchain project Kaspa is attempting to stage a bullish breakout above a critical technical area.
Kaspa’s native token, KAS, recently reclaimed its 200-day exponential moving average (EMA), leading nonfungible to highlight the development:
“KAS: Booom. Finally a close above the 200 EMA. Now retesting it. A daily close above 11 cents should send #kas higher.”
Closing above the 11-cent level after reclaiming its important long-term moving average would signal resurgent bullish momentum. It would represent a notable move from the recent swing lows, considered a significant technical breakout.
This lines up with perspectives shared in a recent video discussion titled “Why We’re Calling Kaspa the Next Bitcoin.” Speakers like Jim Ski ₿um have compared Kaspa’s parallels to early Bitcoin, such as its fair launch and emission schedule leading to a halving-type event.
And with Bitcoin potentially bottoming out from its Grayscale selling pressure, analysts see altcoins like Kaspa benefiting greatly if bullish sentiment returns. Kaspa’s accelerating emission reduction could make it one of the foremost beneficiaries.
Still, patience and relying on confirmation remain prudent. The speakers emphasize appreciating the market cycle’s likely trajectory and how bottoms form in a volatile, choppy manner.
But with Kaspa appearing to reclaim its 200 EMA, it has a viable chance to start its next growth wave. Holding the 11-cent level would confirm the developing bullish impulse with upside targets.
“I just liked the idea of it being a fair launch, proof of work, and having the regulatory clarity that Bitcoin has, as far as, you know, less likely to get sued by the SEC or something,” said Jim Ski ₿um.
So in summary, Kaspa shows promising signs of basing and attempting a bullish breakout above key moving average resistance. Sustaining 11 cents would corroborate building momentum with a potential upside from current levels. But risks remain until confirmation candle closes.
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