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.
What you'll learn 👉
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.
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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