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On September 15, 2024, Kaspa introduced its KRC-20 tokens on the mainnet. This development brings smart contract capabilities to the Kaspa blockchain, enabling the creation and management of tokens, much like the token standards seen on platforms such as Ethereum.
The KAS token price responded positively to this announcement, experiencing a 20% surge over the past week. However, the price hit resistance at $0.18 and is currently hovering around $0.175.
Popular YouTuber “Clinix Crypto” shared his updated short-term Kaspa price prediction in a video that has since gone viral, providing insights to his 70k subscribers.
Kaspa’s Recent Market Activity
Clinix Crypto emphasized Kaspa’s impressive performance after it broke out of a bearish trend early last week. Since Monday, Kaspa has gained bullish momentum, especially over the weekend, distinguishing itself as one of the top performers in the market. While many cryptocurrencies saw a slowdown over the weekend, Kaspa continued its upward movement, signaling strong growth potential.
The YouTuber used wave analysis to explain Kaspa’s price behavior, noting that the token has exhibited significant upward impulses. He suggested that a new bullish wave could be forming, specifically a third wave, which is typically the most powerful in a wave cycle. The confirmation of this wave comes from recent price momentum, with substantial buy orders driving Kaspa’s price upward.
Read also: This Crypto Trader Warns of 47% Kaspa Price Correction – Here’s His Outlook
Short-Term Kaspa Price Forecast
Clinix Crypto observed a pattern of large buy orders, possibly from a whale or a coordinated group of traders. While this could lead to a short-term price increase, he also warned that it might trigger a sell-off once these traders reach their profit targets.
Currently, the key resistance levels are between $0.18 and $0.19. Historically, this range has acted as a significant barrier to Kaspa’s price growth. The presenter doesn’t expect Kaspa to break through these levels immediately. Instead, he predicts a pullback before any further upward movement.
This anticipated pullback could see Kaspa’s price drop to around $0.17 or $0.18, potentially creating a buying opportunity before the token consolidates and moves higher. After consolidation at lower support levels, Kaspa could aim for $0.20 and possibly new all-time highs, though the presenter cautioned that it’s still too early to make definitive predictions.
Stay updated by following us on X (Twitter), CoinMarketCap, and Binance Square for daily crypto news. Source: captainaltcoin.com
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