Trusted

Kaspa (KAS) Price Surges to All-Time High Despite Bearish Market

3 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • The KAS price has increased considerably since July 6. It managed to reach a new all-time high price on August 3.
  • The daily timeframe shows that the price movement follows a parabolic ascending support line, which was most recently validated on August 1.
  • Despite the price action being bullish, a close below the ascending support line will mean that the trend is bearish. New lows will then likely follow.
  • promo

The Kaspa (KAS) price has increased at an accelerated rate since July 6 and reached a new all-time high price of $0.049 on August 3.

Even though indicators have begun to show overbought conditions, there are no other imminent signs that the rally will come to an end soon.

Kaspa Price Reaches New All-Time High

The KAS price has increased since May 23, when it had just fallen to a low of $0.011. The price created several higher lows and then greatly accelerated its rate of increase on July 6.

In the 27 days since, the price has increased by 144%. The increase culminated with a new yearly high of $0.049 on August 3. The price created a bearish candlestick (red icon) but is in the process of increasing to another yearly high. 

The entire increase has followed a parabolic ascending support line. Therefore, the trend remains bullish as long as this line is in place. 

KASPA (KAS) Price Movement
KAS/USDT Six-Hour Chart. Source: TradingView

Moreover, the six-hour RSI supports the continuation of the increase. By using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold. Then, they can decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls have an advantage, but if the reading is below 50, the opposite is true.

The indicator is above 50 and increasing, both signs of a bullish trend.

However, it is worth mentioning that the indicator is overbought, meaning that it shows the rally is not sustainable for a very long period of time.

KAS Price Prediction: Where Is the Next Target?

Since the price is at an all-time high, the use of external Fib levels is required to determine where the price might reach a top. The principle behind Fib retracement levels suggests that after a considerable price movement in one direction, the price will retrace or go back partially to a previous price level before continuing in its original direction.

These levels can then be utilized to identify the highest point of potential future upward movements.

Measuring the most recent portion of the drop, the next closest resistance levels will be at $0.050 and $0.061. The targets are found by the 1.61 and 2.61 external Fib retracement resistance levels, respectively. 

The price is quickly approaching the first resistance level. If it successfully breaks out, it will be expected to reach the $0.061 area.

However, if a rejection follows, KAS will likely fall to the parabola before resuming its increase to $0.061. 

KASPA (KAS) Price Future Movement
KAS/USDT Six-Hour Chart. Source: TradingView

Despite this bullish KAS price prediction, a breakdown from the parabolic ascending support line will mean that the upward movement is complete, and the trend is now bearish. In that case, a 30% drop to $0.030 will be expected.

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
3Commas 3Commas Explore
Uphold Uphold Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored