Kaspa (KAS) is currently experiencing increased attention from analysts and investors following its volatility around a crucial price level.
Currently trading near $0.1122, the cryptocurrency has experienced sharp fluctuations, moving between $0.1 and $0.2, which has prompted technical analysis of potential price movements.
However, experts’ analysis indicates that the coming days might be volatile as they observe certain key levels and indicators for a possible trend reversal.
Persistent Downward Pressure Amidst Key Support Levels
Kaspa has been in a downtrend and is currently residing just above the lower Bollinger Band at $0.10708. This position below the 20-day simple moving average (SMA) of $0.12443 shows that Kaspa is still in a bear market.
As per analysts’ projection, assuming the SMA remains firm, it will be hard for the bulls to push the price higher from $0.107, a key resistance level that could prevent any further upward move.
1-day KAS trading chart| Source TradingView
The Relative Strength Index (RSI) also supports this bearish outlook as it amounts to 35.30, which is slightly over the oversold reading of 30.
While not yet signaling oversold, this level indicates a slowing upward movement but if it reaches this level again it could be a buy signal.
Some analysts predict that if Kaspa breaks above the 20-day SMA, then it is likely that an upward reversal pattern will occur. In the meantime, there are bearish signals.
Analyst Forecasts Suggest a Potential Rebound For Kaspa (KAS)
Technical analyst, Simon, has also stated that KAS could be eyeing a further 4-5% increase to the $0.12 level.
$KAS looks ready for a 4-5% push upwards.
If we push to $0.12, it becomes a critical level. We’ll need clear bullish price action and higher highs to continue the small upward trend.#Kaspa #Kas #crypto #cryptocurrency pic.twitter.com/3dpZ5cXKrn
— Simon (@simonnyyberg) November 1, 2024
According to Simon, breaking this resistance with higher highs and strong volume could drive bulls to the next price level. The $0.118-$0.1216 resistance zone is a key barrier. Breaking it could boost investor confidence and indicate a stronger trend.
Source :X
If Kaspa is capable of breaking the $0.12 mark with strong volumes, then the cryptocurrency might signal an upward trajectory.
Nevertheless, if prices fail to breach this level, it might pull back and consolidate further within the range as investors await the next signal.
Community Sentiment and Long-Term Price Predictions
The Kaspa community on X (formerly Twitter) continues to remain positive in their approach with several of them attributing the current price fluctuation to normal price changes that surround Kaspa growth.
According to one user, Kaspa (KAS) often fluctuated between $0.1 and $0.2 before and the current range of $0.1 to $0.125 is the perfect entry point for long-term investors.
This perspective aligns with the belief that volatility is a constant in crypto markets, with some even advising those uncomfortable with such swings to explore more stable investments.
Looking ahead, Kaspa supporters have shared ambitious price predictions, with targets of $0.32 and $0.51 by the end of 2024.
There is increasing belief that Kaspa could achieve a $100 billion market cap, supported by upcoming catalysts and project advancements. While these targets remain speculative, consistent support from the Kaspa community and upcoming catalysts may sustain investor interest.
Read the full article here
