In a recent video titled “Kaspa Should Hit $1 Soon!” by the YouTube channel “Crypto T”, the host makes a bullish prediction about the price outlook for Kaspa (KAS). He points to several factors that could drive KAS to reach $1 in the near future.
Current State of Kaspa
According to the host, KAS was trading around $0.1114 at the time, with a market cap just under $2.5 billion and $17 million in 24-hour trading volume. While volume is still relatively low, he notes that the chart looks bullish with strong support.
The host discloses that KAS is his largest cryptocurrency holding, underscoring his confidence in Kaspa. He argues that it is fundamentally undervalued and belongs in the top 5-10 cryptocurrencies based on its technology and potential.
Comparing Market Value
To support his $1 target, the host compares Kaspa’s market cap to Cardano and Solana. He claims that $1 would still represent a fair valuation, which could happen quickly with Tier 1 exchange listings on the horizon.
While uncertain about Bitcoin’s trajectory, the host says altcoins saw a recent spike in total market cap and does not expect major selling pressure ahead. This could give KAS room to rally under the right conditions.
Tracing the Technical Picture
Currently, KAS shows a symmetrical triangle pattern, leading the host to expect a definitive breakout soon to either the upside or downside. He believes positive news like exchange listings could be a catalyst for a bull run.
Despite short-term uncertainty, the host remains confident that KAS can reach at least $1 within the next year, if not set new all-time highs beyond that benchmark. He seems adamant that long-term holders will be rewarded.
Reviewing On-Chain Metrics
According to the analysis, Kaspa’s hash rate sits around 146 PH/s and is climbing – a positive sign. There are also now 350,000 addresses holding more than one KAS, showing gradual adoption.
By examining the top 10 KAS addresses, the host notes shifting positions and accumulating activity by major holders. This suggests smart money interest in acquiring more Kaspa.
In conclusion, the host firmly believes patience and strong conviction will pay off hugely for Kaspa investors in 2024 and beyond. The road to $1 and higher seems well within reach given bullish fundamentals and technicals.
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