Kaspa token faces a potential price correction, according to an analysis by analyst Alan Santana. There are worries that the asset’s current price of $0.162 may soon see a downturn, based on historical patterns and technical indicators.
Alan Santana shared a cautionary analysis regarding Kaspa (KAS) and its price movements. He pointed out that Kaspa may experience a correction of up to 46.91%, potentially leading to a prolonged bearish trend. This would bring Kaspa’s price to $0.086 range.
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Kaspa Chart Analysis
Alan Santana’s analysis highlights two previous corrections in Kaspa’s price action, both lasting significant periods. One correction extended for 65 days, while the other spanned 71 days.
These past trends are now being used to project future movements, with the potential for a similar correction lasting between 60 and 80 days.
Based on this timeline, the projection suggests the correction could end between early and late October, with potential bottom dates around October 5 to October 11. While these estimates may not be precise, they serve as a map to guide traders on what to expect from the ongoing market movements.
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Show more +Bullish Waves vs. Bearish Trends
In contrast to the bearish corrections, the analyst points out that KAS has also experienced two bullish waves. These upward movements were notably different in duration, with the initial lasting 28 days and the other extending for 92 days.
This difference emphasizes the unpredictable nature of Kaspa’s market movements and the potential for substantial fluctuations in both directions.
However, Alan Santana’s current outlook for Kaspa leans towards a bearish bias. With the token moving downward, the possibility of it producing a lower low seems imminent, further fueling the expectation of a price drop.
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Bearish Bias and Market Sentiment
Alan Santana suggested that Kaspa has been moving with bearish sentiment, reflecting a cautious approach for traders. According to the report, the market remains on edge, with the possibility of the token testing new lows before the correction concludes.
Moreover, this has led to a growing concern among traders about how much further Kaspa’s price could decline.
Finally, with this outlook, the ongoing correction may present opportunities for those seeking entry points at lower levels, but it also serves as a warning for those holding the token during its current bearish cycle. The crypto market’s volatile nature remains a crucial factor, with Kaspa being no exception to these swings.
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