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Kaspa (KAS) has seen a 1.5% increase today, positioning it as one of the few top altcoins currently “in the green” amidst a largely stagnant market. Although some experts anticipate an upcoming altseason, there has been little evidence of that so far.
Currently, the KAS price is hovering around $0.17, slightly below its all-time high of approximately $0.24, which was reached earlier this month.
While other cryptocurrencies are struggling, Kaspa continues to break all-time highs, signaling its strong potential.
Development and Innovation
In terms of development, Kaspa is making significant progress in simplifying blockchain interactions. The project is rolling out the Kaspa Name Service (KNS), aimed at converting complex blockchain addresses into more user-friendly names through .kas domain name resolution rules.
Huge thanks to everyone for the amazing interest and active discussions around KNS 𐤊
! It’s been awesome to see so much excitement within the Kaspa community. We truly appreciate your passion and enthusiasm.
A quick intro to the KNS team: We’ve been in the space since 2021 and…
— kns.kas (@knsdomain) August 16, 2024
According to altFINS, the KAS price remains in a long-term uptrend, currently trading within a Channel Up pattern. A pullback to the $0.15 support level, which aligns with the 200-day moving average, could present a swing trade opportunity. This setup offers a potential 35% upside to $0.19, with a recommended stop loss at $0.135.
Kaspa Chart Analysis and Key Levels
Examining the KAS chart reveals several critical support and resistance zones. Strong support levels are identified at $0.10, $0.125, and $0.15, with the latter currently serving as immediate support. On the upside, key resistance zones are located at $0.194 and $0.24.
Earlier this year, KAS formed a falling wedge pattern, which typically indicates a potential reversal. The subsequent breakout led to a significant upward move, with the price now trending within a rising channel. The upper boundary of this channel corresponds with the resistance zone at $0.194.
Source: captainaltcoin.com