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The price of Kaspa (KAS) is undergoing a pullback today, with a decline of approximately 8.5%, bringing its value below $0.15. Despite this drop, KAS investors shouldn’t be overly alarmed, as this trend mirrors the performance of many other altcoins. For instance, DOGE has seen a sharper decline of 11.5% over the past 24 hours.
A well-known cryptocurrency analyst, Marto, shared an insightful Kaspa chart with his 30,000 followers on X. The chart, based on the weekly timeframe, highlights a notable Rally-Base-Rally pattern that has sparked interest among traders. The initial rally propelled KAS from roughly $0.005 to the $0.15-$0.17 range, followed by a period of consolidation that appears to be healthy.
Kaspa Price Analysis and Forecast
During the consolidation phase, Kaspa’s price has been trading within a range of $0.10 to $0.17, creating a robust support level near $0.10.
This support level has been tested multiple times, demonstrating its reliability as a price floor. On the other hand, resistance is observed in the $0.17-$0.18 range. If the price manages to break above this resistance, it could pave the way for a potential rally toward $0.30.
The Relative Strength Index (RSI) currently stands at around 54.66, indicating neutral to slightly bullish momentum. This suggests that the asset is not overbought and has room for further upward movement. The overall trend remains positive, with the price forming higher lows during the consolidation phase.
Although the chart doesn’t display volume data, extended consolidation phases like this often involve accumulation by investors. According to Marto’s analysis, this setup is more suited for a long-term outlook rather than short-term trading. If the pattern unfolds as anticipated, there could be a potential upside of 60-80%. This aligns with the technical structure seen on the weekly chart, where a breakout above resistance could initiate the next leg of the Rally-Base-Rally pattern.