The value of Kaspa (KAS) has experienced a 20% decrease over the past four days, currently trading at approximately $0.156. Despite this, renowned cryptocurrency analyst Crypto Chrys remains optimistic, advising investors to hold onto their assets. In his recent YouTube video, “Kaspa: This Is A Huge BEAR TRAP! (Here’s Why),” Chrys outlines his reasoning for staying bullish on Kaspa amidst the market downturn.
Chrys is confident that the recent price drop is a “bear trap” and predicts a market turnaround in the coming week. He suspects that large investors are manipulating both Kaspa and Bitcoin markets, but foresees a swift recovery. Chrys believes that Kaspa’s price will not remain under $0.16 for an extended period and anticipates a prompt rebound.
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Chrys points to several positive signs for Kaspa’s future growth despite the recent price decline. The project’s hash rate has climbed to 342.65 P per second, indicating steady growth and increased mining activity, which suggests a positive market outlook.
The project’s transition to Rust is nearly complete, currently at 99.89%. Chrys anticipates a strong performance for Kaspa in June, with the potential to reach $0.40 or higher.
Technical and Fundamental Analysis
In terms of technical analysis, Chrys identifies a potential reversal pattern, which he refers to as a “bear trap.” He stresses the influence of large-scale investor manipulation on both Kaspa and Bitcoin prices and predicts that Kaspa will soon exceed $0.20 and possibly reach $0.30.
From a fundamental perspective, Chrys notes significant institutional investments as an indicator of an upcoming bullish trend. He also mentions El Salvador’s substantial Bitcoin holdings, now valued at over $400 million, and 18 consecutive days of inflows into Bitcoin spot ETFs as signs of a positive market shift.
Chrys reasserts that the current dip in Kaspa’s price presents an investment opportunity. He encourages viewers to purchase Kaspa while it is undervalued, forecasting considerable gains in the future. With forthcoming market developments, Chrys believes that Kaspa could potentially double in value, reaching $0.40 or more. He also advises storing Kaspa in cold storage for security and recommends Trezor with a discount code.
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The article “Analyst Sees Ongoing Kaspa Price Dip as a ‘Bear Trap’, Explains Why KAS Can’t Stay Below $0.16” was originally published on CaptainAltcoin.
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Source: captainaltcoin.com