Crypto analyst CRYPTO BLOCKS has shared his insights on the cryptocurrency Kaspa (KAS) in a recent YouTube video. Here are the main points from his analysis.
Kaspa has experienced a 3.7% increase in value over the past day, with a trading volume of 66.5 million. This has boosted its market capitalization to $4.45 billion, ranking it as the 24th largest cryptocurrency. The analyst notes that when they first began covering Kaspa, its market cap was around 500 million, indicating significant growth and rising interest from the crypto community.
CRYPTO BLOCKS utilizes wave analysis to examine Kaspa’s price trends, identifying the current uptrend as the third wave in the sequence. This suggests a potential pullback, known as wave four, may be approaching. The analyst explains that if wave two was simple, traders should expect a more complex wave four, and vice versa.
The analysis also reveals that Kaspa has broken through a previous resistance point, hinting at further upward movement. The weekly chart supports this bullish outlook, showing a strong upward trajectory.
The 19-cent region is identified as a key price target for Kaspa. Its recent performance, breaking past previous highs, suggests it may continue to rise without a significant fourth wave pullback.
To assess momentum, CRYPTO BLOCKS examines the Relative Strength Index (RSI) across multiple timeframes. This RSI analysis aims to detect potential bearish divergences that could indicate a short-term peak or an ABC corrective pattern.
The video advises using stop-loss orders in leverage trading to mitigate risks from sudden market downturns. Traders can adjust their stop-loss levels as prices move favorably to secure profits.
CRYPTO BLOCKS shares their own long position in Kaspa and discusses stop-loss management strategies to avoid premature liquidation. The analyst also hints at upcoming offers for subscribers on a new exchange platform for leverage trading.
While the outlook for Kaspa remains positive, with expectations of reaching the 19-cent target, the analysis warns traders to watch for bearish divergences on the RSI that could signal a temporary top or corrective pattern.
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Source: captainaltcoin.com