Top Trader Highlights ‘Hard to Swallow’ Opportunity for Kaspa Traded Against Ethereum as KAS Breakout Looms
The KAS/ETH trading pair indicates an emerging opportunity in the blockchain project Kaspa (KAS) according to crypto trader Max. Kaspa was a big story in the second part of 2023 due to its parabolic surge, but has been in the “correction mode” since December last year.
Max pointed to an analysis of the 2-day KAS/ETH chart showing that historically, KAS has bled against ETH for around 65 days before expanding.
The previous two major KAS breakouts coincided with a MACD crossover on this timeframe. This resulted in moves of 300% targeting the 3.618 Fibonacci extension. With ETH hovering around local highs, Max argued the opportunity cost of holding ETH over KAS is increasingly difficult to justify at current levels.
“The opportunity cost of holding $ETH here instead of #Kaspa may be hard to swallow months from now,” Max tweeted. He believes the charts suggest a much bigger potential upside in the coming months for the lesser-known Kaspa project.
Emerging Kaspa Project Flashes Bullish Technical Signals
According to the latest data from CoinMarketCap, Kaspa was trading around $0.11, up 13.32% over the past 24 hours. By comparison, Ethereum sat at $2,410, having gained just 2.39% over the same timeframe.
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Show more +Meanwhile, Ethereum developers reportedly finalized and deployed an upgrade named Dencun on Wednesday on the Holesky test network. Dencun aims to improve transaction fees and scalability before eventually integrating with the main Ethereum network, according to sources.
Ethereum is trending sideways around current levels. Traders like Max are turning attention to emerging challengers like Kaspa for bigger upside potential ahead. However, some experts question how much market share Kaspa can realistically capture given Ethereum’s continuing dominance of the smart contract blockchain sphere.
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