Kaspa is experiencing major accumulation between $0.156 and $0.175. According to King Crypto, a similar accumulation occurred between $0.11 and $0.13. Following this, the price spiked by around 78%.
The post by King Crypto suggests that we could see the same spike in Kaspa in the coming days unless something drastically bearish happens to affect the price.
What you'll learn 👉
Ongoing Trendline Support Suggests a Possible Decline
From a broader perspective, the price of Kaspa has been bouncing off a trendline support since mid-2023, and this support has served as the base for price bounces.
The bulls have consistently gotten liquidity from that point; therefore, KAS price may need to dip to that level first before a maor price bounce.
With this, we may see the price retrace back to this support if it breaks below the accumulation support around $0.15.
Read Also: Can XRP Price Really Reach $27? Ripple Analyst Reveals Path
Indicators Show Mixed Signals
The 50-day SMA (yellow wavy line) is currently bearish, serving as resistance against further price growth at around the $0.172 level.
But from a long-term perspective, the 200-day SMA (blue line) could potentially serve as support for a price bounce since it is still below the current price.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The Relative Strength Index (RSI) is at 48, which is around the neutral position. This also shows that the price can move in either direction before it becomes overbought or oversold, depending on where it moves.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
