Cryptocurrency

KAS surged by 20.7% in the last 7 days – Crypto News

Published

2 years ago

June 30, 2024

Dripp

KAS surged by 20.7% in the last seven days.
All indicators showed a strong uptrend momentum for Kaspa.

In the last month, altcoins have experienced a sharp decline, with Bitcoin [BTC] prices plummeting to $60k. Despite the market volatility, Kaspa [KAS] has defied market trends and reported a sustained surge.

The recent rally has pushed KAS to an ATH after a 20.77% surge in seven days.

At press time, KAS traded at $0.1896, a 6.4% rise in 24 hrs. At the same time, KASPA has reported a 45.95% rise in trading volume to $129M.

According to CoinMarketCap, the KAS market cap has surged 6.4% to $4.5B, surpassing ICP and PEPE.

This sustained surge has left everyone with crypto analysts speculating further growth. Renowned analysts Crypto Proselyte is one of those big-betting companies on KAS.

In a post shared on X (formally Twitter), he stated that,

“Can #Kaspa go #100x from the current price? The short answer is Yes.”

He further explained that,

“According to the power law support corridor, which hasn’t been broken since genesis, $KAS will reach $18 (100x from now) in June 2029, just in 5 years.”

Various factors are driving this speculation and positive market sentiment. For a starter, according to Mr Kaspa, KCA20 will be launched. In a post shared on X, Mr Kaspa stated that,

“Today is the day! #KRC20.”

Another factor driving the market is Marathon, the largest crypto-mining company, entering Kaspa mining. According to official reports, Mara has mined 93 million KAS, valued at $16M.

These two developments are keeping everyone excited and optimistic about Kaspa’s future.

What do price charts indicate?

Source: TradingView

AMBCrypto’s analysis indicated that KAS was enjoying a strong upward momentum, and the KAS Directional Movement Index (DMI) proved this.

At press time, the positive index at 31 was above the negative index at 24. This showed a strong buying pressure and a well-sustained uptrend.

Source: TradingView

Also, AO (Awesome Oscillator) measures prevailing market momentum at 0.021. When AO is above zero, short-term momentum is stronger than long-term momentum, a bullish signal.

Source: Coinglass

Looking further, our analysis of Coinglass shows KAS market sentiment is highly positive, with a sustained upward momentum. Coinglass data showed liquidation for short positions is higher than for long positions.

This showed that investors were betting against the market are out of money, while long positions are in the money and continue to hold their positions.

Source: Coinglass

Finally, Open Interest has surged for the last seven days from $40 M to $69M.

The rise in Open Interest shows increased activities, which drives trading volume up as investors open new long positions while holding existing ones.

This market sentiment shows confidence in the altcoin’s direction and future gains.

Read Kaspa [KAS] Price Prediction 2024-25

Is KAS set for a new ATH?

After breaching its significant resistance level of $0.183 and challenging its ATH at $0.192, if the bullish momentum continues, it will shift toward the upper resistance level of $0.22 and achieve a yearly high.

However, if the market faces a correction, the bulls will lose momentum and fall to its support level of $0.160.