Altcoin
Kaspa Cryptocurrency Jumps 28%: Will It Reach $0.2 This Week?
- The price of KAS has increased by 66% in the last month.
- The altcoin is preparing to regain its all-time high.
Proof-of-Work (PoW) cryptocurrency. Kaspa [KAS] is poised to recapture its all-time high of $0.18, after rallying above the long-term resistance level formed at $0.14.
The price of KAS had a trend between April 12th and June 2nd, leading to the formation of a horizontal channel.
This channel forms when the price of an asset consolidates within a range because a balance between buying and selling pressures prevents the price from trending strongly in either direction.
The upper line of this channel forms resistance, while the lower line represents support. KAS faced resistance at the $0.14 price level, while it found support at $0.1.
The Kaspa cryptocurrency rally towards its all-time high
Since the beginning of June, KAS has witnessed an increase in trading volume. For example, on June 3, the altcoin’s daily trading volume stood at $165 million, the highest level since November 2023, according to Santiment’s data.
Source: Santimento
This increase in trading activity pushed KAS price above the upper line of its horizontal channel on June 3, indicating that it had closed above resistance that day.
Trading at $0.1797 at the time of writing, KAS price has continued its upward trend and is heading towards its all-time high of $0.18, recorded on February 20.
Source: KAS/USDT on TRadingView
Price movement readings on a daily chart suggest that it may continue its upward trend. For example, his Aroon Up Line (orange) was at 100% at the time of this writing.
This indicator identifies the strength of an asset’s price trend and its potential reversal points.
When the Aroon Up line is near 100, it signals that the uptrend is strong and that the most recent high was reached relatively recently. It’s a bullish sign.
The altcoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) stood at 79.91 and 70.44, respectively, confirming the surge in demand. These indicators showed that KAS’s buying momentum exceeded its selling pressure.
Additionally, KAS’s MACD line (blue) was above its signal line (orange) at the time of this writing. When these lines are positioned like this, it is a bullish signal. This suggests that an asset’s short-term average is higher than its long-term average.
Light Kaspa [KAS] Price forecast 2024-25
Traders interpret this as a signal to open long positions and exit short positions.
If KAS’s buying momentum is sustained, its price could surpass its all-time high to settle at $0.2.
Source: KAS/USDT on TRadingView