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Kaspa has been one of the standout altcoins during the current bull market, delivering impressive returns. However, in recent months, the price of KAS has been relatively stagnant, trading within a narrow range between $0.10 and $0.13.
Earlier this week, we discussed how large investors and whales are influencing the Kaspa price.
Despite the recent price stagnation, Kaspa has built a strong community, especially during its parabolic price increases. Many analysts on X remain optimistic about KAS’s future. One such analyst is “Travladd,” who has over 420k followers on X. He recently shared a popular Kaspa chart.
When examining the Kaspa chart, there is a noticeable ascending support line (highlighted in blue) that connects several key price lows. This support line has been tested five times, with each bounce reinforcing its importance as a key level in Kaspa’s price movement.
The price action has formed a wave-like pattern, with five distinct points suggesting the end of a corrective phase. After peaking at around $0.207914, the price has retraced to the current support level near $0.116277.
Signs of a Potential Recovery
Kaspa is currently attempting to bounce off the blue support line, trading within the $0.11-$0.118 range. While KAS is up 2.5% today, it remains down 20% for the month, indicating that the coin may be in an oversold condition.
The chart shared by the analyst features a green upward arrow, signaling optimism for Kaspa’s future price movement. This aligns with the broader sentiment that the recent price declines may be temporary, especially given Kaspa’s strong fundamentals and growing community support.
However, traders should remain cautious. A breakdown below the current support level could lead to further downside. The blue support line remains a crucial level to watch, as it has historically provided a reliable bounce for KAS.
Read also: Top Analyst Explains Why Buying Kaspa (KAS) is Better Than Solana (SOL)
Looking at the bigger picture, if Kaspa can hold this key support level, there is potential for a move toward previous resistance levels.”
Source: captainaltcoin.com