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The month of February proved to be a challenging period for Kaspa, experiencing a decline of approximately 40%, dropping from $0.13 to a closing value of $0.078.
Analyzing the monthly chart, KAS price in February fell below a significant 14-month support level that had been established in December 2023. This breakdown signals a strong bearish trend.
As March commenced, KAS price quickly turned bullish, attempting to retest the previously broken support. This retest confirmed that the $0.098 zone has now become a key resistance level.
Given this scenario, the price may continue its decline toward $0.05, where the next strong monthly support is positioned. This would represent an approximate 35% decrease from Kaspa’s March opening price.
However, some relatively weaker support levels could attempt to stabilize the price. The weekly chart highlights the $0.064 level as a crucial point. A weekly close below this mark could accelerate the decline toward $0.05. Conversely, if the price remains above this support, a period of consolidation may follow.
What Could Trigger a Kaspa Price Surge in March?
A significant bullish breakout for Kaspa in March is unlikely unless the price surpasses the strong monthly resistance. While minor pullbacks may occur after bearish movements, a major upward shift would require a catalyst.
A shift in the overall crypto sentiment could provide the momentum needed for such a breakout. If this happens, KAS could potentially surge to around $0.13, which was February’s peak. A breakthrough beyond this level might push KAS to even higher price points, largely influenced by Bitcoin’s performance and overall market sentiment.
January saw a 10% increase in KAS price, followed by a 40% drop in February. March could bring further declines or consolidation if the broader market sentiment remains bearish.
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