The price of Kaspa (KAS) continues reaching new all-time highs, surging over 15% today alone. With gains of 65% in the past week and 80% in the past month, KAS now sports a market capitalization of $1.5 billion. Despite breaking out, analysts believe there is still substantial upside potential ahead.
What you'll learn 👉
Parabolic Ascent
Kaspa is a proof-of-work blockchain focused on scalability, security, and decentralization. The network uses novel cryptographic primitives to achieve high throughput and low fees. The KAS token serves as the native currency on the blockchain.
According to analyst Jim, KAS remains in an ‘extremely bullish’ ascending channel, similar to the price action Bitcoin exhibited during its early parabolic advance in 2010. This technical pattern reveals the strong upward momentum of KAS.
Plenty of Room to Run
Currently, the midpoint of the channel is around $0.14, while the top boundary is near $0.34 based on the analyst’s chart. This implies KAS has plenty of room left to continue appreciating before resistance is encountered.
With KAS up over 80% in the past month alone, some may believe the rally is overextended. However, mimicking Bitcoin’s early bull market structure suggests the major upside could still be ahead.
Kaspa’s novel hybrid consensus mechanism combining proof-of-work and asynchronous verifiable delay functions gives it unique capabilities. As the network scales, KAS demand should continue growing.
Read also:
- Ripple (XRP) Poised for More Upside, Analyst Says This Level Is the Time To Be a Buyer
- This Token Could Be One Of The Biggest Gainers in 2024 – Learn Why Everyone’s Investing in Meme Kombat (MK)
- Which Cryptos Are ‘Likely’ To Rise Due to Upbit Conference?
The analyst describes the ascending channel formation as extremely bullish. Despite reaching new all-time highs, KAS may still have 10x or greater potential long-term if it follows a similar trajectory to Bitcoin in pioneering a new blockchain category.
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.
