Kaspa’s native token KAS has surged over 12% in the last 24 hours, buoyed by a breakout from a key falling wedge pattern. This technical price action indicates a resumption of Kaspa’s long-term uptrend targeting $0.14 initially.
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KAS Breaks Out as Top Performer
As noted by @KASPAEnthusiast, KAS’ 12%+ gain makes it one of the top performing crypto assets over the last day:
“#kaspa has a breakout and this is not only reflected in its own chart. $kas is the top winner of the last 24h”
This sudden resurgence comes on the heels of mostly sideways price action for KAS over recent weeks as it trended within a falling wedge pattern on the daily chart.
Yesterday’s sharp move above wedge resistance at $0.11 signals a high probability of continuing upward momentum. With KAS now trading around $0.12, the breakout appears to be just getting started.
Targeting Falling Wedge Price Target
Typically, falling wedge breakouts result in a move toward the upper trendline that makes up the wedge pattern itself. In KAS’ case, this points to an eventual price target around $0.14 in the coming weeks or months.
For context, KAS hit its all-time high of around $0.14 a few weeks ago before declining with the rest of the crypto market. Reclaiming its former high would represent a greater than 19% gain from current levels.
Patience is Key in Crypto Investing
Veteran crypto investor @PodgeCrypto also provided some trading wisdom around falling for “green candle” price spikes and having patience with long-term holdings like KAS. As he states:
“Chasing green candles will get you #rekt. But just have patience. $kas is in its infancy and is just getting started.”
Rather than actively trading, he suggests utilizing dollar-cost averaging and letting undervalued investments like KAS grow over an extended investment timeframe.
This balanced perspective helps ground overly excited price action in fundamentals – KAS still appears significantly undervalued relative to Kaspa’s ambitious roadmap. But decisive technical breakouts like today’s are what can ignite sustained momentum in crypto.
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