After a week of indecisiveness, Kas initiated a buy and surged to a new monthly high. It appears strongly bullish on the daily chart following a double-bottom formation, but still looks bearish on the mid-term scale.
Kas’s recovery has taken a new leap following this week’s surge above the $0.08 level, which served as a barrier for the bulls over the past week. Although it came as a result of an increase in the demand level.
Meanwhile, this surge confirms a break above the neckline of the double-bottom pattern forming since it bounced off $0.053 three weeks ago. Following the price actions, the trend is now looking bullish on the daily timeframe.
The latest bullishness came as a result of a slight change in the crypto landscape, and with the look of things, the price may rally to $0.1 before initiating a pullback. A steady push above this mentioned key level may result in a new trend shift.
Initiating a pullback may bring a little setback in buying. Failure to climb back could result in another crackdown capable of causing a huge loss in the future.
While Kas is yet to get out of the woods, its market structure still appears bearish in the mid-term. The price must increase above the $0.2 level before confirming a complete shift from the bears’ territory.
KAS’s Key Level To Watch
Source: Tradingview
There are lots of obstacles on the way up, but the close target level to watch for this surge is $0.095, along with February’s $0.1143 resistance. A flip through it should rally the price to $0.135 and potentially $0.155.
For a pullback, there’s support at $0.079. If the price drops below this support, the next level to consider for a test is $0.069. There’s also a hidden support at $0.0557. A drop off the monthly $0.053 low could activate a long-term bearish move.
Key Resistance Levels: $0.095, $0.1143, $0.135
Key Support Levels: $0.079, $0.069, $0.0557
- Spot Price: $0.089
- Trend: Bullish
- Volatility: High
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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