Kaspa (KAS) continues to attract attention from crypto traders and investors, with many wondering if its price has already peaked. A tweet by @mikroweller raised concerns that the current market structure might resemble a Wyckoff Distribution pattern.
However, despite these concerns, both fundamental and technical indicators suggest that Kaspa’s price may still have room for growth.
Fundamental Catalysts for Kaspa’s Growth
According to @mikroweller, one of the key factors that could drive Kaspa’s future price appreciation is its absence from Tier 1 (T1) exchange listings. Kaspa remains one of the few top-ranking cryptocurrencies not yet listed on major exchanges such as Binance or Coinbase.
The lack of these listings has limited liquidity and volume, but when the anticipated listings occur, it could unlock significant upside potential. Additionally, the upcoming “10 BPS” hard fork, scheduled for early 2025, is another catalyst.
This technical upgrade is expected to bring improvements to Kaspa’s network and could coincide with favorable market conditions, potentially driving price appreciation.
The Kaspa Industrial Initiative (KII) is also set to bring real-world adoption by integrating Kaspa into industries like banking, insurance, and energy trading, further boosting its long-term prospects.
Technical Indicators Support Bullish Outlook
On the technical side, several indicators suggest that Kaspa is still in an accumulation phase, not a distribution. Data from the Kasmedia Market Dashboard shows growing capital inflows, with the 30-day Realized Price Change increasing by 5.81%.
This trend indicates that more capital is entering the market, laying the groundwork for future bullish movements. Additionally, the 90-day Coin Days Destroyed (CDD-90) has decreased, signaling that long-term holders are refraining from selling their coins.
Such behavior typically points to accumulation, which could reduce selling pressure and set the stage for price increases when demand rises.
Long-Term Holders Show Confidence
Various on-chain metrics also show confidence from long-term holders. Indicators like the Reserve Risk and the Long-Term Holder (LTH) to Short-Term Holder (STH) Cost Basis Ratio reflect strong support from those holding KAS for extended periods.
The Net Unrealized Profit/Loss (NUPL) stands at the 12.20 percentile, suggesting that Kaspa is still undervalued, which could lead to upward movement in the future.
Despite short-term bearish trends shown by the 50 and 100-day moving averages, longer-term indicators such as the 200-day moving average and 100-week moving average reflect strong support and growth potential.
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