Crypto analyst CryptoBull pointed out on Twitter an important event regarding the cryptocurrency KAS. The token just marked its 4th 4-hour (4HR) Golden Cross in its trading history. While this may sound like just another technical indicator, the consequences could be monumental, especially given the asset’s past performance post-Golden Cross.
What you'll learn 👉
The Golden Cross Phenomenon
A Golden Cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a bullish phase for the asset. It is often considered a robust indicator in technical analysis, heralding potential upward price movement.
Historical Context: The Numbers Speak
Crypto ₿ULL God elaborates on the significance of this event by citing past data. According to the well-known trader, prior increases from the time of Golden Cross events for $KAS were as follows:
- A 350% price surge after the first Golden Cross
- A 720% increase after the second
- A 210% rise following the third
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Show more +Forecasting the Price: A Calculated Approach
If we were to take an average of these three previous jumps, the numbers suggest a substantial future increase. This average surge would place $KAS at approximately $0.20, a noteworthy value given the token’s current standing.
The Larger Picture: Market Ranking
With such a price increase, $KAS would potentially catapult into the Top 20 cryptocurrencies by market cap. Crypto ₿ULL God, the well-versed analyst, suggests that this could be a pivotal point, setting the stage for $KAS to aim for the Top 10 by 2024.
$KAS: On the Cusp of a Breakout? TradingView’s Analyst Weighs In
In another analysis on TradingView, the possibility of a “larger cup-and-handle” pattern for the $KAS asset was discussed. For those unfamiliar with the cup-and-handle pattern, it’s a bullish continuation pattern that signifies a period of consolidation followed by a breakout.
According to the analyst, the pattern could potentially lead to a breakout around October 1, targeting a price point of approximately $0.093.
The two analyses show short and long-term positive potential for $KAS. While this isn’t financial advice, understanding such technical patterns can offer valuable insights for traders and investors who are eyeing potential growth in the asset.
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