Throughout 2023 and 2024, Kaspa enthusiasts were generally pleased with the performance of their holdings. However, the mood has taken a turn in recent days, as the KAS token’s value remained stagnant even amidst a buoyant market.
Currently, Kaspa is valued at around $0.17, reflecting a slight dip of 2% over the past week. The token has been struggling to break through the $0.18 resistance level, which has proven to be a formidable obstacle in recent attempts.
Insights from Crypto Experts
A popular cryptocurrency analyst on YouTube, Crypto ZX, who boasts a following of 50,000 subscribers, recently shared his insights on Kaspa’s market performance.
He pointed out that Bitcoin’s value has soared to $68,000, signaling a bullish trend in the broader market. This upswing comes after a two-month slump, which was impacted by significant political developments such as Joe Biden’s resignation and Donald Trump’s rising popularity as a pro-crypto candidate in the upcoming US elections.
Despite Kaspa experiencing a 25% increase since July 5th, it is now facing resistance at the 23.6% Fibonacci retracement level and is showing signs of low buying interest, as evidenced by its trading volume.
The analyst advises those who have faith in Kaspa’s long-term prospects to consider dollar-cost averaging as an investment strategy, especially during periods of market underperformance.
For now, unless Kaspa can successfully breach the $0.18 threshold, its potential for short-term gains remains constrained.
Should the KAS token continue to underperform, it may revisit support levels near the $0.178 mark. It’s critical for the token to maintain this support to avoid further depreciation.
Also read: This Solana Indicator Flashes a ‘Sell’ Signal: Is SOL Price About to Crash?
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