Kaspa (KAS) has been showcasing a remarkable performance when compared to Bitcoin (BTC), reaching new all-time highs on June 5, 2024. A well-known crypto analyst, LongTerm, has praised the KAS/BTC chart, calling it “pure beauty.”
Kaspa’s Strong Recovery Post-Market Dip
LongTerm emphasizes Kaspa’s robust recovery after the recent market downturn. The analyst notes that KAS was the first to bounce back from the dip and has already reversed its downtrend weeks prior. This early rebound and trend shift indicate that Kaspa could potentially outshine other digital currencies in the prevailing market scenario.
Moreover, LongTerm observes that Kaspa has effectively surpassed the RSI-based moving average and is now retesting it. This technical progression is a positive indicator, suggesting that KAS might experience further gains.
Kaspa’s Market Presence and Optimistic Forecast
Another esteemed analyst, Bitcoin Ape, echoes a positive stance on Kaspa’s market movements. Their technical analysis reveals that KAS has not only breached the R1 and R2 resistance levels but also revisited its previous all-time high before retracting slightly. While Kaspa did not surpass the ATH, Bitcoin Ape believes it’s only a matter of time before it does.
Bitcoin Ape attributes the minor setback to Bitcoin’s market behavior, which is currently affecting numerous other cryptocurrencies. Nonetheless, the analyst points out that KAS is oversold and seems primed for another run at its ATH. Investors are advised to monitor Kaspa closely this week, as it displays significant growth potential.
Technical Analysis Backs Positive Outlook
A comprehensive technical analysis by altFINS supports the optimistic view for Kaspa. The analysis underlines KAS’s breakout from a falling wedge pattern and its climb above the 200-day moving average, indicating a continuation of the upward trend. However, Kaspa encountered resistance at $0.19, a level that had previously caused a price rejection in February, leading to a pullback due to profit-taking.
altFINS compares the current scenario to that in February and suggests that investors consider purchasing during pullbacks near the $0.15 support zone. This price point offers an appealing entry for a swing trade, with a prospective 25% gain target back to $0.19. A stop loss is recommended at $0.138.
The technical analysis also shows that Kaspa’s short-term, medium-term, and long-term trends are all upward, reflecting strong bullish sentiment. Although momentum is currently on the rise, a decrease in MACD histogram bars hints at a possible slowdown in momentum ahead.
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Source: captainaltcoin.com