Kaspa’s (KAS) price is observing positive signals from its investors, and the broader market is also supporting a rally.
The chances of the altcoin marking a monthly high in May are solid, which could propel KAS to a key price point.
Kaspa Holders Pour in Money
Kaspa’s price is increasing, and investors are helping drive this rally. This is likely due to the sudden surge noted in the Open Interest (OI). Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled.
It is a key indicator of market activity and liquidity, showing money flow into or out of a market.
In the last 24 hours, the OI surged by $6 million, the highest within a single day this quarter. The last time Kaspa noted $6 million inflows into OI was in early April over a period of two weeks.
This shows that investors want to make the most out of the present opportunity.
Secondly, the broader market also exhibits bullishness, which is evident in the Relative Strength Index (RSI). The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements from 0 to 100.
Typically, an RSI above 70 indicates an overbought condition, while an RSI below 30 suggests an oversold condition.
Read More: How To Buy KASPA And Everything You Need to Know
Currently, KAS is in the bullish zone above the neutral mark at 50.0 but below the overbought threshold. This will provide the altcoin enough room for growth as we advance.
KAS Price Prediction: A Rally Ahead?
Kaspa’s price is changing hands at $0.13 at the time of writing after escaping the Death Cross earlier this month. A death cross is a bearish formation that occurs when the long-term 200-day Exponential Moving Average (EMA) crosses over the short-term 50-day EMA. This usually results in correction.
But KAS escaped this and is recovering, inching close to the resistance at $0.14. Flipping this resistance into support would mark a 12% rally and enable the altcoin to head towards $0.15, a key technical and psychological price level.
Read More: Kaspa (KAS) Price Prediction 2024/2025/2030
However, a failed breach could result in Kaspa’s price falling back down to the support of $0.11. Losing this support would extend the decline and invalidate the bullish outlook.
Disclaimer
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