Kaspa recently rejected a key price level but is currently footing a fresh increase after experiencing a serious reduction in the past week. A surge above a minor resistance should bring significant gains in a few days.
Starting this month on a negative note, Kaspa underwent a retracement after rising by more than 40% near $0.2 in late June. It located support above $0.14 last Friday and bounced briefly into a consolidation phase.
Due to recent price rejections, pushing above a minor $0.176 resistance level that broke down as support during last week’s meltdown appeared difficult for the bulls. An increase above it could bring the bulls back.
The current daily bullish formation revealed an incoming rally capable of skyrocketing the price towards the $0.3 range in the short term. As of now, it is reaccumulating for the next upward movement.
If the bears take over the market again by pulling the price below the current monthly high, we can expect a broader retracement to the $0.12 range before finding solid ground for a rebound.
Regardless of the recent rejection, KAS is still considered bullish across the higher timeframe. The daily volume indicator has been on the rise lately, showing steady capital flow in the market. A bigger move lies ahead.
KAS’s Key Levels To Watch
Over the past week, the $0.146 level has provided solid support. If the price falls off this monthly level, KAS may revisit the $0.136 support and perhaps the $0.1251 level before bouncing back at full speed.
If the price increases above the mentioned minor resistance level, the $0.193 resistance would be the next buying target level to watch, followed by a potential breakout to $0.22.
Key Resistance Levels: $0.176, $0.193, $0.22
Key Support Levels: $0.146, $0.136, $0.1251
- Spot Price: $0.169
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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