Amidst a downturn in the cryptocurrency market, Cilinix Crypto, a crypto analyst, has issued a cautionary statement to investors of Kaspa (KAS). The analyst has identified several factors, including market trends, that have impacted the trajectory of KAS.
Concerns Over Short-Term Outlook for Kaspa
According to Cilinix, Kaspa’s price fell to $0.1534 despite earlier projections of an increase to $0.22 after it broke past the $0.195 mark.
The analyst emphasized that the broader market dynamics have significantly influenced Kaspa’s performance and suggested that a more supportive market environment could have facilitated a more robust breakout.
Cilinix also noted that Kaspa has fallen below crucial support levels, especially near $0.18, indicating a bearish trend.
However, the analyst remains optimistic about Kaspa’s potential for recovery once the market stabilizes.
August Price Forecast for Kaspa
CoinCodex has released a price forecast for Kaspa, predicting a 227.55% surge to $0.50975 by August 4, 2024.
The platform also recognizes the current bearish sentiment, with the Fear & Greed Index indicating “Fear” at a score of 29.
Over the last month, Kaspa’s performance has been inconsistent, with only 40% of the days showing positive movement and an overall decline of nearly 15%.
Given the present technical indicators, CoinCodex advises caution regarding investments in Kaspa at this time.
Related Reading: XRP Price Could Reach $4 in Next Surge: Analyst Discusses Ripple vs. SEC Developments
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The original article titled “How Will Kaspa (KAS) Price Perform This Summer?” can be found on CaptainAltcoin.
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Source: captainaltcoin.com