KAS Is on an Upward Move after Exceeding Its $0.042 Top Price
Kaspa’s price has surpassed its $0.042 top price, achieved on April 2. According to all indications, the bullish momentum will likely continue to the high of $0.046. However, it is unlikely that the current strong momentum will last considering that KAS/USD is getting close to the overbought region of the market.
Key Points:
- Kaspa’s price has exceeded its previous top price of $0.042.
- The bullish momentum is expected to continue to $0.046.
- The current strong momentum may not last due to the overbought market conditions.
- Kaspa’s market cap is $855,192,292 with a circulating supply of 19,956,141,533 KAS.
- Kaspa is ranked #207 on Coinmarketcap.
Following the price drop on May 23, Kaspa has been on an uptrend. The cryptocurrency broke above the moving average lines, resulting in higher highs and higher lows. During the July 23 rally, KAS experienced an upward correction, reaching the 78.6% Fibonacci retracement line.
Key Points:
- Kaspa experienced a price drop on May 23 but has since been on an uptrend.
- The cryptocurrency broke above moving average lines, resulting in higher highs and higher lows.
- During the July 23 rally, KAS reached the 78.6% Fibonacci retracement line.
The current upswing has hit the Relative Strength Index level of 70, indicating that KAS is in the overbought zone. This suggests a limit to further price movement. However, an overbought state may not last in a strong trending market, and the cryptocurrency is expected to reach its planned peak.
Key Points:
- KAS has entered the overbought zone with an RSI level of 70.
- Overbought conditions may not last in a strong trending market.
- KAS is expected to reach its planned peak despite the overbought state.
While KAS is facing an overbought market scenario, alternative cryptocurrencies, such as TOMI, have a sizable audience and present an opportunity for investors to buy at a reduced price. However, investors must act quickly as the price will increase after each presale round. Pre-sale proceeds for TOMI have already exceeded $20 million.
Hot Take:
Kaspa’s upward movement and exceeding of its previous top price show promising potential. While the overbought market conditions may limit immediate price movement, the strong trending market suggests that KAS will continue to rise. Investors should consider alternative cryptocurrencies like TOMI, which offer a reduced price opportunity with potential for growth.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
