For the cryptocurrency Kaspa, the past few weeks have been challenging, with the price struggling to regain its bullish momentum. This week marks the fourth consecutive week of Kaspa’s bearish trend, as the coin’s price has been down by more than 30% over the last four weeks. Currently trading at around $0.12, Kaspa has fallen from its mid-February high of $0.18.
Despite these recent struggles, a popular crypto analyst on YouTube, known as Crypto T, has released a video exploring the potential for Kaspa to reach the $0.5 mark by July 2024. In the video titled “Will Kaspa Hit 50 Cents In July 2024?”, the analyst delves into various factors that could influence Kaspa’s price trajectory.
Currently, Kaspa has a market cap of around $3 billion, with its price hovering around $0.13. The analyst acknowledges the recent sell pressure and Bitcoin’s correction, which have affected market sentiment. However, they suggest that the market might be nearing its floor, presenting a favorable risk-to-reward ratio for investing in Kaspa.
One of the key points discussed in the video is the “power law” theory, which draws parallels between Kaspa’s potential price trajectory and that of Bitcoin. According to this theory, Kaspa is expected to follow a similar path, and the “rainbow chart” based on this law suggests that Kaspa could reach $0.5 by July 2024, especially if it touches the orange line on the chart, as it has historically.
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Show more +The analyst also provides a technical analysis of Kaspa’s price action, highlighting a falling wedge pattern and important support levels around $0.123. They emphasize the need for Kaspa to break above the lower trend line of the falling wedge to retest higher resistance levels and improve market sentiment.
A significant portion of the video is dedicated to discussing the upcoming Rust upgrade for Kaspa. This upgrade is expected to improve the network’s efficiency and compatibility, which could positively impact Kaspa’s price. The analyst mentions that some exchanges might be waiting for this upgrade before listing Kaspa, which could further enhance its market position. Additionally, the increasing hash rate is seen as a positive sign for the network’s security and miner engagement.
The video also touches on Kaspa’s address distribution, noting a decrease in whales but an increase in smaller holders, which is considered a positive trend towards decentralization. The analyst suggests that this healthier distribution could support a more stable and growing market for Kaspa.
While the analyst believes there is a high probability that Kaspa could reach $0.5 by July 2024, they also caution viewers to conduct their own research and consider market risks before investing.
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