Kaspa (KAS) Token Faces Deep Correction, Analyst Shares Key Support Levels to Watch

According to a recent video analysis titled “Kaspa KAS Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!” by the YouTube channel “More Crypto Online,” Kaspa’s native token KAS remains in an ongoing messy corrective phase after peaking around 15.5 cents on November 20th.

Since that high, KAS has plunged nearly 40% as it continues facing downside risks as part of a deep Wave 4 correction. After an initial decline to the 9-9.5 cent region in December, KAS recently broke below the key 10 cent support level. This opens the door for a test of the 38.2% Fibonacci retracement around 8.59 cents.

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If 8.5 cents fails, the risk increases for an extended move towards the 50% retracement and prior swing low support near 7.1 cents. This critical area lines up with uptrend support, making it a last stand for bulls. Losing it would confirm capitulative selling and potentially drastic declines.

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In terms of upside, the analysis notes KAS needs to reclaim the prior swing high around 12.9 cents to signal sellers are exhausted. Further confirmation would come from surpassing the 15 cent peak. That would pave the way for a measured move target of around 25.7 cents.

So in summary, the analysis sees KAS facing significant risks while stuck in its deep correction. The area between 8.5 and 7.1 cents represents the crucial support zone for bulls to defend. Otherwise, substantially more downside could materialize. But holding support would put KAS in position for its next major bull wave exceeding 20 cents.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.