Kaspa (KAS) has demonstrated resilience in market conditions lately maintaining key support, showcasing a price rise as noted by analyst Crypto ZX. Despite a slight lag compared to Bitcoin, Kaspa has seen a 2.3% gain in USD terms over the past.
Furthermore, the analyst believes Kaspa could potentially breakout, targeting new all-time highs. Moreover, the broader crypto market is showing signs of recovery.
Bitcoin has rebounded above $67K after retesting the $64K level. As Crypto ZX notes, “We’re back above $67,000; we cannot complain.”
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Kaspa Price Analysis
Commenting on Kaspa’s recent performance, Crypto ZX states, “Kaspa is only up about 2.3%…but still, guys, we’ll take it.”
Additionally, Crypto ZX highlights key resistance levels for Kaspa. The 23.6% Fibonacci retracement level is identified as a critical resistance point. Breaking through this level could potentially lead to price gains for Kaspa.
The crypto’s price history reveals noteworthy growth, maintaining support above 17.1 cents and indicating strong buyer interest. Crypto ZX emphasizes this point, noting a “3119% increase within the last month alone.”
Some frustration exists within the Kaspa community regarding slow listings on major exchanges. Crypto ZX draws parallels to VeChain’s previous market cycle, suggesting patience may be necessary. Despite this, overall sentiment remains positive.
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Show more +KAS Price Prediction and Market Outlook
Layer-1 blockchain projects are currently attracting speculative interest. Crypto ZX observes, “Layer ones are being talked about a lot…the new layer ones, the New Kids on the Block are really where the speculative money is coming into play.” This trend could potentially benefit Kaspa in the long run.
Crypto ZX expresses optimism about Kaspa’s future performance. He suggests Kaspa “Could finally break out into the 23.6% Fibonacci retracement level.” A break above this level could trigger a move towards all-time highs.
Additionally, positive Bitcoin price action could further support Kaspa’s potential breakout.
Read also: This Solana Chart Patterns Indicates 900% SOL Price Rally
KAS Could Rival ETH and SOL
Some community members speculate that Kaspa could rival established projects like Ethereum and Solana. While ambitious, these comparisons highlight the high expectations surrounding Kaspa’s potential.
Chart analysis suggests reasons for Kaspa’s current performance relative to Bitcoin. The 23.6% Fibonacci level represents a key battleground between bulls and bears. Overcoming this resistance is crucial for Kaspa’s upward trajectory.
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