Kaspa holders were happy for most of 2023 and 2024. However, this sentiment has shifted in the last week or so, as the KAS price stayed flat despite positive market momentum.
Kaspa is trading around $0.17 at press time, down approximately 2% over the last week. The $0.18 level acts as strong resistance for the KAS price, which has failed to break past this barrier several times in the past week.
Expert Analysis and Market Insights
Crypto ZX, a YouTuber with 50,000 subscribers, shared his thoughts on Kaspa today.
He noted that Bitcoin’s price surged to $68,000, indicating overall market positivity. The market experienced a relief rally after two months of downward trajectory, influenced by political events such as Joe Biden stepping down and Donald Trump, a pro-crypto figure, becoming a strong favorite to win the US elections in November this year.
Kaspa’s price did pump 25% since July 5th. However, it now encounters resistance at the 23.6% Fibonacci retracement level. There’s also low buying pressure, as indicated by trading volume.
The YouTuber suggests that viewers who believe in Kaspa’s long-term vision consider dollar-cost averaging. He notes that it’s often better to invest during lagging periods rather than when the market is in alignment.
All in all, until Kaspa surpasses the $0.18 level, short-term gains might be limited.
If the KAS price continues to lag, it may retest support levels around the $0.178 price mark. Maintaining this support is crucial for preventing further declines.
Read also: This Solana Indicator Flashes a ‘Sell’ Signal: Is SOL Price About to Crash?
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