Altcoins
Kaspa Bullish Explosion Eyes 25% Rise to $0.25
Showing a significant bull run underway, Kaspa’s accumulation phase is extending with a 70% increase in volume. With the overhead trendline broken, $KAS is gearing up for an explosive 25% rally.
Unlike most leading altcoins, Kaspa has maintained a positive trend over the past few months. Ignoring the bearish influence on the broader market, $KAS is creating a new all-time high at the psychological $0.20 mark. As bullish momentum increases, the altcoin is eyeing a bullish extension.
With a higher high and a breakout rally, the $KAS market cap is approaching the $20 billion mark. So let’s take a closer look at the breakout event for a clearer buying opportunity.
Bullish breakout undermines ascending wedge boundary
Kaspa has seen an 84% year-to-date growth as it forms a new ATH at $0.2064. Completing a four-candle bullish streak on the 1W chart, the KAS token is up 28% during the recent bull cycle.
Tracking Kaspa’s high and low points with trendlines reveals a rising wedge formation. Although the resistance trendline has led to many reversals, the recent bullish cycle has been broken. Currently, the altcoin is experiencing an intraday gain of 3.93% to form a bullish engulfing candle.
The daily RSI line is entering overbought territory as the recent price rally reflects an acceleration in trend momentum. Additionally, the overbought nature suggests a retest of the broken trendline.
Additionally, the MACD and signal lines are starting a clear uptrend after days of uncertainty. The crossover is helping the histograms resurface, revealing a surge in underlying demand.
Will Kaspa Price Reach $1?
Over the past few months, Kaspa has remained one of the few altcoins that have maintained a positive trend with minimal corrections. The support trendline in action proves a strong underlying demand for the altcoin. Moreover, the bullish breakout unlocking the potential above $0.20 improves the overall sentiment.
According to the Fibonacci retracement levels during the Q2 correction phase, Kaspa is now heading towards the 1.618% Fibonacci level at $0.25. Therefore, from the current market price, the Fibonacci levels predict a 25% increase in the price of $KAS.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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