Kaspa (KAS) is gaining attention from analysts for its potential in the cryptocurrency market. A tweet by Crypt0Proselyte underscores the importance of Kaspa’s rapidly growing hashrate and its alignment with potential price movements.
The correlation between Kaspa’s hashrate and its price is highlighted as a key metric for the coin’s performance, providing insight into the asset’s future potential.
In the tweet, Crypt0Proselyte points out that the hashrate follows a power law with an R² value of 0.9508, indicating a strong model fit.
The tweet further predicts that Kaspa could soon exceed 1 exahash per second (EH/s), with long-term expectations of reaching 100 EH/s in the coming years. The analysis suggests that Kaspa aims to break into the top 10 cryptocurrencies during this cycle, with aspirations to climb even higher in the next few years.
#Kaspa ‘s Hashrate is clearly and strongly following a power law among other aspects (price, price/hash, volume, etc).
In this image, you can see the log-log graph of $KAS hashrate over time.
The R² is a whopping 0.9508, which means that the model fits the data well (95%)… pic.twitter.com/bze1Db4Jxi— 𝐂𝐫𝐲𝐩𝐭𝐨 𝐏𝐫𝐨𝐬𝐞𝐥𝐲𝐭𝐞 (@Crypt0Proselyte) September 6, 2024
### Kaspa’s Hashrate and Power Law Correlation
The power law relationship between [Kaspa’s hashrate](https://2miners.com/kas-network-hashrate) and time is a major focus of recent analysis. The formula in the tweet suggests that the hashrate will increase exponentially over time.
Kaspa is positioning itself as a major player in the market, with its hashrate already approaching 1 EH/s. Additionally, projections indicate that it could reach 10 EH/s in roughly 500 days.
Kaspa’s exponential growth, driven by its network’s increasing computational power, has led to predictions that it could secure a top 10 position during this bull cycle.
According to the algorithm, Kaspa’s hashrate is expected to reach 100 EH/s within approximately 1,000 days, which could further solidify its market position. These projections are fueling excitement for KAS to challenge some of the largest cryptocurrencies soon.
### Technical Analysis on Kaspa’s Price
From a technical perspective, Kaspa’s daily chart presents a cautious outlook. Currently, the price is trading near the lower Bollinger Band, which may indicate an oversold condition.
This often suggests that if sufficient buying pressure emerges, a price reversal could be imminent. Resistance levels are identified between $0.16 and $0.17, while the current support level is around $0.14.
Although selling pressure appears to be easing, the MACD shows bearish momentum. The RSI is approaching the oversold zone, indicating that a price recovery could be on the horizon.
Source: captainaltcoin.com