Over the past four days, the price of Kaspa (KAS) has been on a bull run, spiking more than 44%. The price is closing in on creating a new all-time high after descending from its former peak of $0.15 late last year. With renewed confidence in the cryptocurrency, analyst Jim S𐤊i ₿um (@Cryptographur on X) is anticipating the price could reach as high as $0.4 next.
Based on his analysis, the KAS price has broken through a diagonal trendline, and with the price now at $0.14, the next major resistance seems to be just above the former all-time high. Jim used a Fibonacci extension analysis, drawing lines on a price chart to visualize the crypto’s potential. From the chart, the top of the extension is at $0.4, which aligns with the 4.236 Fibonacci level.
Overcoming Key Resistance Levels
However, it is unlikely this would be a straight move upwards for the KAS price, as it would have to overcome a series of resistance levels and turn them into support along the way. Based on the Fibonacci lines, there are 4 major resistance levels before the price could hit $0.4 – at the 1, 1.618, 2.618, and 3.618 Fibonacci levels.
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Show more +The Catch: Time and Unknown Factors
For the price to achieve $0.4, fundamentals and on-chain metrics would also have to remain strong. The catch is that this may not be a straightforward move and it could even take a significant amount of time to reach this target price level.
Plus, with the key resistance levels to overcome, and other external factors that can heavily influence crypto prices and market sentiment, there are no guarantees the run upwards will continue. The road to $0.4 could be a volatile one for KAS.
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