The KAS Price Hits a New All-Time High
The price of KAS has been steadily increasing since May 23, resulting in a 340% surge over the past 76 days and reaching a new all-time high of $0.052. This upward movement indicates a bullish trend, according to the Elliott Wave count, which analyzes long-term price patterns and investor psychology.
Following the high, KAS experienced a corrective structure, further supporting the notion of a bullish trend. However, after reaching the new all-time high of $0.054 on September 20, KAS fell below the $0.050 resistance level, potentially invalidating the breakout.
Short-Term Indicators Point to a Possible Decrease
The daily RSI suggests that there may be a decrease in the short term. The RSI is a momentum indicator used to determine if a market is overbought or oversold. While it is still above 50, indicating an advantage for bulls, it is falling and has generated bearish divergence.
KAS Price Prediction: Retracement Before Continuation
Although the daily timeframe analysis suggests a bullish outlook, the six-hour chart indicates an initial retracement is likely before the upward movement continues. The significant bearish divergence in the RSI and its fall below 50 signal a bearish trend.
The most probable wave count implies that KAS has completed a five-wave increase and is now correcting in an A-B-C structure. The expected support levels for this correction are between $0.040 and $0.043. Once this correction ends, there could be another increase towards a new all-time high.
Above $0.054 Indicates Continued Bullish Trend
If KAS manages to surpass its current all-time high of $0.054, it would confirm the continuation of the bullish trend. In this case, the price could potentially reach the next high at $0.065, representing a 40% increase from the current price.
Hot Take: The Future of KAS
The recent surge in KAS price and subsequent correction indicate a volatile market. While short-term indicators suggest a possible decrease, the long-term trend remains bullish. Traders should closely monitor key levels such as the support levels at $0.040-$0.043 and the resistance level at $0.054 to gauge the future direction of KAS.
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