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Kaspa (KAS) is nearing a significant resistance level, as highlighted by Crypto Chrys, a prominent analyst. In a recent YouTube video, the analyst provided an in-depth look at Kaspa’s current market standing and its potential for future growth.
Despite experiencing a 16.92% decline, Kaspa continues to hold a strong global ranking, even in the absence of major exchange listings. Crypto Chrys identified the 17.5 cents mark as a critical resistance level for Kaspa.
The analyst suggests that surpassing this level could initiate a bullish trend, potentially leading to swift price increases. A daily close above 18 cents could indicate a “moonshot” scenario, with the price likely to rise further.
Crypto Chrys advises closely watching this range for any potential breakouts.
Network Strength and Hash Rate
Kaspa’s network strength is showing encouraging signs. The hash rate has surged to nearly 947 PH/s, reflecting increased network security and growing confidence among miners. This rise is seen as a bullish signal, with the 1,000 PH/s milestone within reach.
The upcoming reduction in mining difficulty, expected in the coming days, could further influence Kaspa’s market dynamics. This event could impact the supply side and potentially affect price movements.
Bitcoin’s Influence and Market Sentiment
Crypto Chrys also emphasized the interconnected nature of the crypto market. Bitcoin’s performance could have a significant impact on Kaspa’s price trajectory.
As retail investors grow bearish on Bitcoin, any stabilization or upward movement in Bitcoin’s price could benefit Kaspa.
The analyst views Kaspa as a potential “Bitcoin 2.0,” citing its faster transaction speeds and lower costs. This positioning could attract investors seeking innovative blockchain solutions.
Read also: How Will Ripple’s XRP Price Hit $3 in the ‘Upcoming Months’
Is 5,000 or 10,000 Kaspa Enough?
Addressing the key question, Crypto Chrys explains that whether 5,000 or 10,000 Kaspa is “enough” depends on an individual’s financial situation.
For those with limited resources, 5,000 Kaspa might represent a portion of their portfolio, providing some exposure without overextending financially.
Conversely, wealthier investors might see this amount as a starting point, potentially acquiring more to maximize future gains. The video underscores the importance of approaching crypto investments with a long-term perspective.
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