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Kaspa (KAS) is currently in a consolidation phase after reaching a new peak. Crypto analyst Zach Humphries recently discussed Kaspa’s technical indicators and its future direction in a YouTube video.
Despite market fluctuations, this crypto asset, with a market cap just under $4 billion, has demonstrated resilience. At the time of writing, the token is priced at $0.159632.
KAS Technical Indicators Highlight Robust Support
Zach Humphries focused on key technical indicators for KAS. Recently, Kaspa’s price rebounded from the 200-day Exponential Moving Average, a significant support level.
This bounce helped avert a potential sharp decline, indicating the asset’s price stability. Additionally, Kaspa’s hash rate continues to set new records, which bodes well for the network’s security and future growth prospects.
Humphries drew parallels between this trend and Bitcoin’s historical hash rate pattern, suggesting that Kaspa might follow a similar growth trajectory.
Rising Market Sentiment and Social Engagement
Kaspa’s growing popularity extends beyond technical metrics and is evident in social media discussions.
“Social dominance around Kaspa is ramping up, and it’s organic—big and small influencers, retail investors, and miners are all talking about Kaspa,” Humphries noted. This increasing interest is vital as it could bolster Kaspa’s long-term success.
The video analysis also highlighted Kaspa’s potential to attract more participants due to its profitability. The combination of strong technical indicators and growing social sentiment positions Kaspa as a significant player in the crypto space.
Read also: Is Ripple Ready for Further Upside Action? XRP Price Prediction
Can Kaspa Enter the Top 10?
Humphries remains optimistic about Kaspa’s future.
He predicts, “Kaspa wouldn’t take much to get into the top 20, and I still think Kaspa can make its way into the top 10 at some point this year.”
This positive outlook is fueled by Kaspa’s strong mining community and its growing market presence. As the crypto consolidates and prepares for its next significant upward move, it wouldn’t take much for Kaspa to ascend the ranks and secure its place among the top contenders in the crypto market.
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The post Kaspa Ready for Another Price Rally? Analyst Predicts KAS Top 10 Potential in 2024 appeared first on CaptainAltcoin.
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Source: captainaltcoin.com