Kaspa (KAS) has recently caught the attention of the crypto community, as the [price action displays signs of weakness](https://captainaltcoin.com/kaspa-kas-price-crashing-is-this-time-to-sell-the-token/), despite its earlier bullish momentum. In a tweet by prominent crypto analyst Zero Ika, he used KAS as an educational case study to explain market patterns.
The tweet highlights the bearish signals in Kaspa’s price action, referencing a potential Wyckoff distribution schematic and other patterns that may have contributed to the recent price decline.
I never talk about altcoins, but today I’m gonna make an exception using $KAS as educational example. (if you’re sensitive or a fanboy, this post is definitely not for you)
On the 15th of August I shared a potential Wyckoff distribution schematic as the price was at its LPSY… pic.twitter.com/BOREP53KlJ
— ZERO IKA 🗡 (@IamZeroIka) October 8, 2024
### Weakness Confirmed in Kaspa’s Price Action
According to Zero Ika’s analysis, Kaspa’s price has been weakening since mid-August, when the altcoin was trading around $0.1544. He pointed out several key bearish indicators, including the coin’s fall below critical levels such as the November 2023 high, the uptrend trendline, and two equal lows (EQLs).
Additionally, a bearish “3 drives” pattern further suggested a price decline. Zero Ika also noted that while [Kaspa’s fundamentals](https://captainaltcoin.com/kaspa-is-bitcoin-on-steroids-says-crypto-analyst-heres-why-kas-is-moving-faster-than-btc/), including its rising hashrate and claims of superior technology compared to Bitcoin, have been heavily promoted by supporters, these narratives have overlooked the warning signs in the price action.
### Kaspa Price Drops Below $0.15
Two months after Zero Ika’s initial warning, Kaspa has fallen below the $0.15 mark, confirming the bearish outlook he had shared. Despite this downturn, the analyst clarified that this does not necessarily indicate a macro top for the [altcoin](https://cryptodaily.co.uk/2024/10/altcoins-bnb-sol-render-that-outperform-bitcoin-btc). He suggested that while Kaspa still has potential within the broader market cycle, its bearish trend is likely to persist in the short term.
Zero Ika advised traders and investors to respect price action patterns and take profits when possible, stressing the importance of following technical indicators rather than relying solely on the altcoin’s fundamentals.
### Kaspa’s Current Market Status
As of today, [Kaspa’s price stands at $0.1345](https://www.coingecko.com/en/coins/kaspa), according to CoinGecko data. The coin has seen a slight 0.13% increase in the past 24 hours, but it has dropped by 8.43% over the past week.
With a 24-hour trading volume exceeding $40 million, the market sentiment around Kaspa remains cautious amid its current bearish outlook. In conclusion, while Kaspa’s long-term potential may still be intact, recent price action suggests a period of uncertainty.
*Follow us on [X (Twitter)](https://x.com/CaptainAltcoin_), [CoinMarketCap](https://coinmarketcap.com/community/profile/CaptainAltcoin/), and [Binance Square](https://www.binance.com/en/square/profile/captainaltcoin) for more daily crypto updates. Get all our future calls by joining our [FREE Telegram group](https://t.me/captainaltcoincom).*