Kaspa (KAS) has been rangebound under a key resistance level, leading a top analyst to caution against going long until a breakout is confirmed. The price of KAS has risen to its all-time high (ATH) of $0.05, which it also reached in August, September, and October. The analyst does not see a reason to go long until this resistance breaks.
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Kaspa Forms Bullish Pattern
As crypto trader Omeich points out, Kaspa has formed a triple bottom pattern, which is typically bullish. This indicates buying interest around current levels.
However, as analyst Sjuul notes, KAS is still facing significant overhead resistance from its all-time high level.
Breaking Resistance Key for Bull Case
“This ATH level is causing a lot of trouble, but I am sure it will be broken sooner or later,” said Sjuul. “Once it falls, my targets are pretty clear. But as long as we are below the resistance, there is no reason to go LONG.”
Until KAS can decisively move past its ATH resistance, the risk-reward favors waiting on the sidelines rather than taking a long position according to Sjuul.
Despite bullish signs like the triple bottom formation, KAS needs to take out resistance for technical traders like Sjuul to turn bullish. Remaining below this key level keeps the analyst neutral/bearish on KAS for now. A breakout could quickly shift the narrative and outlook.
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