Kaspa Forms Textbook Head & Shoulders Pattern – Will It Break Down?

In a recent update, the Twitter user Moneytaur_ provided a comprehensive analysis of the cryptocurrency $KAS, which has been making headlines for its volatile price movements. Once the darling of crypto influencers like Bitboy and Cryptomanran, the coin has seen a significant drop in value, leading to a change in market sentiment. Moneytaur_ delves into the intricacies of the coin’s performance, criticizing the role of influencers and praising the potential for savvy trading.

The Perfect Head and Shoulders Pattern of 2023

According to Moneytaur_, $KAS has formed what could be the most perfect Head & Shoulders (H&S) pattern seen in 2023. The coin is currently at a critical level, dropping 19% from its latest entry point and 31% from its local top. “Newbies buying for someone to be taking profits without collapsing the price too quickly,” Moneytaur_ notes, highlighting the impact of inexperienced traders on the market.

Moneytaur_ takes a critical stance on the role of crypto influencers like Bitboy and Cryptomanran, who were vocal about buying $KAS when it was trading at $0.05. “Euphoria levels are down significantly now. EVERYONE was talking about this coin,” says Moneytaur_, pointing out that the hype has significantly cooled off. The coin broke its parabolic trend as soon as Bitboy “shilled” it, leading to a potential bearish market.

Interestingly, Moneytaur_ also talks about the new traders criticizing his short-term predictions for $KAS. “These are the same people who contribute to my gains,” he says, emphasizing that these traders lack the skill set for effective trading strategies like selling/shorting at the top and buying/longing at the bottom. Moneytaur_ claims to have a more substantial investment in $KAS from profits.

Key Levels and Future Predictions

Moneytaur_ outlines that $KAS is just trailing above the latest High Time Frame (HTF) Fair Value Gap (FVG). He predicts that if the coin breaks above $0.0435, it could confirm a reversal into a bullish market structure. However, a bearish Head and shoulders pattern with a target price below $0.03 could also be forming.

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The current market statistics for $KAS reveal a live price of $0.03501 with a 24-hour trading volume of $11,787,461.48. The cryptocurrency is currently ranked #208 on CoinMarketCap, boasting a market capitalization of $712,522,692. The circulating supply is 20,352,580,631 KAS coins, with a maximum supply of 28,704,026,601 KAS coins.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Maxwell Mutuma
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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