A widely followed crypto strategist is updating his outlook on one soaring altcoin as the broader crypto markets trade sideways.<\/p>\n
Pseudonymous trader Credible Crypto tells<\/a> his 353,600 followers on the social media platform X that proof-of-work cryptocurrency Kaspa (KAS<\/a>) could face rejection at a key resistance level before continuing its rally.<\/p>\n \u201cDecent reaction on KAS since my last post on it, but we are at a local level of resistance (red) and not seeing impulsive PA (price action) yet, so I think there\u2019s a decent chance we reject here shortly and come back down to build a larger base. <\/em><\/p>\n This is preferred because, although I\u2019m loaded up, I know that the longer we spend building a base before the next leg the more sustainable it will be. I\u2019d gladly trade an extra week of consolidation for a more aggressive\/explosive rally when it comes. Use this time to accumulate Kaspians.\u201d<\/em><\/p>\n The trader\u2019s chart indicates that KAS could decline to around the $0.10 price tag before ultimately soaring beyond $0.16.<\/p>\n KAS hit a low of $0.0321 on August 29th and is trading for $0.125 at time of writing, a 289% gain.<\/p>\n The trader then says<\/a> in a video update that Bitcoin (BTC<\/a>) will likely correct down more than 4% from its current value due to a sudden sell-off.<\/p>\n \u201cWe basically had a deviation at the range highs, a lot of late longs jumping at the range highs. Now we\u2019re getting a spot sell-off. A lot of stop losses probably waiting right below these lows.<\/em><\/p>\n We have a liquidity gap, an empty void. So we probably see a pretty aggressive sell-off right back down to our mid-range, and then lose that \u2013 again we have stops probably resting here as well \u2013 which sends us right back down to our range lows, to $35,500 where I\u2019ve been looking for a wick.\u201d<\/em><\/p>\n Bitcoin is trading for $37,120 at time of writing, up 1.9% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n
![](\"https:\/\/dailyhodl.com\/wp-content\/uploads\/2018\/06\/Get-Alerts-728x90.png\")
<\/p>\n