Kaspa (KAS) holders may soon witness upward price momentum, according to an analysis by CRYPTO BLOCKS. The technical review highlights a completed five-wave downward structure, signaling a potential market bottom for the crypto.
The analysis suggests that Kaspa is primed for an upward reversal, which could deliver gains to patient traders. Moreover, key technical indicators, including Relative Strength Index levels and Fibonacci retracement zones, support the bullish outlook.
What you'll learn 👉
Price Movement and Wave Structure
Kaspa has recently completed a five-wave downward movement, falling just short of its $0.147 target. The sharp retracement indicates that Kaspa may have reached its bottom, opening the door for a new upward wave.
According to the Elliott Wave theory, this could mark the beginning of the third wave, typically the longest and strongest in the cycle. The analysis suggests a possible brief rally to $0.158 before retracing to key Fibonacci levels, offering a new entry point for traders.
Technical Indicators Point to Recovery
Several technical indicators point to a potential recovery for Kaspa. On the short-term one-hour chart, the RSI shows Kaspa approaching overbought levels, signaling a possible pullback.
However, on the longer-term four-hour and 12-hour charts, the RSI is resetting, indicating the likelihood of a bullish recovery. These longer-term indicators suggest that Kaspa may be preparing for an upward move, bolstered by strong market interest.
Kaspa’s market cap ranks 22nd, with a value of $3.78 billion, positioning it among the top cryptos. Increased trading volume signals heightened interest in the token, further supporting the bullish outlook. The analysis indicates that Kaspa could see a price bounce following the completed five-wave structure and reaching key Fibonacci levels.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: How Will Ripple’s Protocol Help XRP Price Pump
Optimistic Outlook for Traders
The speaker in the CRYPTO BLOCKS analysis predicts that Kaspa’s next major move will be the third wave, expected to bring substantial gains.
As Kaspa resets its RSI and completes its retracement, traders may find an ideal entry point before the anticipated upward wave. With volume surging and technical indicators aligning, Kaspa could be on the verge of a price rally.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.
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.
