Crypto analyst Mia has provided valuable insights into the current state of Kaspa (KAS), highlighting the significance of the $0.1100 support level. According to Mia, holding this support is essential for maintaining bullish momentum in the market.
However, if KAS falls below this critical threshold, Mia warns that it could turn into a resistance level, which may lead to a more bearish outlook for the cryptocurrency.
An in-depth analysis of the KAS/USDT chart shows key support and resistance zones. The $0.1100 level is identified as a pivotal support area, marked by a yellow band just above the current price of $0.10826.
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If this support level holds, it could serve as a strong foundation for a potential bullish rebound. However, if the price breaks below this level, the next significant support is around $0.0500, indicating a potential drop of more than 50%.
The Two Possible Scenarios Outlined
Mia outlines two potential scenarios for KAS. In the bullish scenario, if KAS can maintain its price above $0.1100, there is a chance for a rebound, which could lead to a renewed uptrend and a retest of previous highs near $0.15 and beyond.
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Conversely, in the bearish scenario, if the price falls below the crucial support level, it could indicate a shift in market momentum. This would suggest that the $0.1100 area could become resistance, potentially leading to a decline toward the secondary support level around $0.0500.
Currently, KAS is trading at $0.10826, just below the critical support level, making the upcoming days crucial in determining whether this level will hold or flip to resistance.
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Source: captainaltcoin.com