Layer-1 coin KAS is today’s crypto market’s top gainer, surging nearly 10% in the past 24 hours. The price rally is accompanied by an uptick in trading volume, signaling that the momentum is backed by strong buyer demand.
The bullish move has seen KAS price break above key resistance levels, hinting at an extended rally as Q2 nears its end.
Kaspa Clears 29-Day Barrier
Readings from the KAS/USD one-day chart show the altcoin trading above its 20-day exponential moving average (EMA), a resistance level it had struggled to break for the past 29 days.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When an asset’s price trades above this key moving average, buying pressure exceeds selloffs, and the bias toward the asset turns positive.
Therefore, KAS’s successful breakout above this level suggests a bullish shift in market sentiment as the second quarter draws to a close.
Furthermore, the altcoin’s Moving Average Convergence Divergence (MACD) indicator has just recorded its first bullish crossover in several weeks, reinforcing signs of a bullish resurgence in the market. At press time, KAS’s MACD line (blue) rests above its signal line (orange), confirming the shift in momentum toward buyers.
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with KAS, when the MACD line rests atop the signal line, it indicates bullish momentum, suggesting that the asset’s price may continue to rise.
Kaspa Eyes $0.082—Can Bulls Keep Control?
At press time, KAS trades at $0.079. If demand continues to climb, the 20-day EMA could serve as a support floor, potentially pushing the token’s price above its next resistance at $0.082. A successful break above this level may open the door for further gains toward $0.091.
However, if sell-side pressure gains momentum, this bullish outlook would be invalidated. In that case, KAS’s price could face a pullback toward $0.069.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Read the full article here
