Kaspa Price Update: Riding the Bull Run
Since reaching an all-time high of $0.194, Kaspa (KAS) has seen some fluctuations in its price. With the recent correction in Bitcoin’s price, KAS has experienced a 14% drawdown and is currently trading between $0.16 and $0.17. Let’s dive into the latest analysis to understand the bullish outlook for Kaspa.
Kaspa Price Analysis: Bullish Momentum Continues
Following Bitcoin’s price correction, KAS fell from $0.194 to $0.150 before stabilizing in the $0.160 – $0.170 range. The key support level of $0.171 has now turned into a critical resistance level to watch closely. KAS has tested the baseline support at $0.151 and $0.155, reinforcing these levels as strong support levels.
- The price outlook for KAS remains positive as it stays above the daily Ichimoku Cloud’s red baseline.
- The daily RSI is around 60, indicating a potential price drop if it trends towards 50 or 40, signaling a bearish trend.
- If KAS breaks above the $0.171 resistance level, it could reach new all-time highs.
Short-Term Holders HODLing: A $0.20 Target in Sight
Analyzing the percentage of inactive supply for more than three months is crucial to understand different holder groups’ market sentiment. The inactive supply metric has increased from 57.18% to 64.43% from May, indicating bullish behavior from short-term holders. This strengthens the case for KAS reaching the $0.20 – $0.30 range.
- Monitoring the supply held for over one year or two years can provide insights into long-term holders’ behavior.
- A slight drop from 21.5% to 21.2% in the supply held for over one year suggests some mid-term holders are engaging in profit-taking.
KAS Price Prediction: What’s Next?
There has been a slight drop in the amount of Kaspa not moved for more than two years, indicating profit-taking strategies among long-term holders. The price remains resilient above the Ichimoku baseline, with key support levels at $0.143 and $0.124 in case of a bearish trend reversal.
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