Time for Kaspa to Go Up as Key Support Holds, Fundamental Backs KAS Bullish Perspective

The Kaspa (KAS) cryptocurrency price has traded sideways in recent weeks, consolidating within a clearly defined price channel while network fundamentals continue strengthening. According to independent technical analysis and commentary from Kaspa community members, this price action appears poised for a significant breakout.

In an hourly chart shared on the X platform (formerly Twitter), cryptocurrency analyst Bysiyakat called attention to the well-formed support and resistance levels containing KAS price action. Additionally, specific points along these trendlines have repeatedly held as either reversal points or springboards for continued upward or downward momentum. At press time, the KAS value hovered around $0.098943.

The parallel channel lines and ability to bounce off support significantly indicate an overall uptrend within the timeframe presented. Bysiyakat believes that as long as KAS respects this textbook price channel, it opens up straightforward trading opportunities to buy dips and sell local highs. More risk-averse traders could also place stop-loss orders prudently outside the channel to contain potential losses.

Besides the consolidating price action, cryptocurrency proponent Kylobayd tweeted about the rapidly rising Kaspa hash rate. The hash rate represents the accumulated computing power contributed by miners to process transactions and secure the blockchain network. As more participants have recently directed resources to Kaspa despite lacklustre price performance, Kylobayd sees the increasing hash rate as a warning sign for those betting against further KAS gains.

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In particular, Kylobayd expects the strengthening fundamentals to precede an eventual price breakout as network activity catches up to valuation. Considering the technical setup identified and on-chain trends, he believes traders shorting KAS face significant risk exposure.

In summary, while the Kaspa cryptocurrency has trended sideways in recent weeks, network security and user activity continue growing. With an apparent technical foundation and bullish commentary from key community members, the probability of a significant price swing upwards gains credibility.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.