Sohrab Khawas
As Bitcoin drops under $65K, the broader market pullback intensifies and fuels a correction phase. With $225.34M worth of liquidations in the last 24 hours, $197.80M worth of bullish positions closed. As this puts additional stress on the altcoins, KAS price trend might struggle to continue its uptrend.
With a long-term recovery rally in the daily chart, the KAS token shows a promising price action. So, check out our KAS price prediction and price analysis below to find out more about the upcoming trend.
Kaspa’s Breakout Run Hits $0.20
With a rounding bottom reversal in the daily chart, the KAS price action overcomes the pullback phase in the 2024 second quarter. The 2x surge with a bullish reversal from the $0.10 psychological support level breaks the higher high formation.
In the daily chart, the neckline breakout of the rounding bottom pattern tops the $0.20 mark and creates a streak of bullish candles. Currently, the KAS price trades at $0.2040 with an intraday drop of 0.76%, reflecting a potential retest phase in action.
Completing the retest and making a healthy correction will likely increase Kaspa’s trend momentum for an improved bull run. Further, the rising trading volumes bolster the possibility of an extended uptrend,
Technical Indicators:
RSI Indicator: The daily RSI line is moving diagonally upwards from the halfway line, reflecting the recent demand surge. Further, the RSI line at the overbought boundary teases a potential retest.
MACD: The bullish crossover in the MACD and signal lines ignite the uptrend and head higher.
Will The KAS Price Jump This Week?
With a support trendline in action and the recent bullish breakout of the rounding bottom pattern, it increases uptrend chances. Further, a potential surge in the broader market later this week will likely fuel the breakout run in Kaspa.
As per the pivot points standard, the ongoing recovery approaches the $0.22 mark or the R1 pivot resistance. Beyond this, the next two target levels are $0.24 and $0.28.
