In a recent video, well-known cryptocurrency analyst Crypto ZX discusses the remarkable performance of Kaspa (KAS) and what investors can anticipate from the digital currency in the coming days. Despite a general market slowdown with many cryptocurrencies in decline, Kaspa has managed to shine, achieving a 4.8% increase in the past day. Crypto ZX delves into the price movements and technical analysis to offer valuable predictions on KAS’s future direction.
Kaspa’s Price Movement and Market Presence
Kaspa is presently valued at $0.1639, showing a 4.8% rise, with its market capitalization nearing $4 billion. The trading volume over 24 hours is also approximately $62 million.
Even though Kaspa isn’t listed on major centralized exchanges like Binance, Crypto ZX maintains a positive outlook on the coin’s potential for future listings. Comparing it to VeChain, which secured a Coinbase listing years after its debut, the analyst suggests Kaspa might follow suit once further progress is achieved.
Technical Analysis: Fibonacci Retracements and Support Levels
Crypto ZX examines Kaspa’s technical indicators, highlighting its position relative to Fibonacci retracement levels. KAS currently hovers in the 0.50 Fibonacci retracement zone, a known support level. The cryptocurrency recently attempted to breach the 38.2 Fibonacci level but was met with resistance, signaling a challenging price point.
Nevertheless, Crypto ZX underlines Kaspa’s significant rebound since May 1st, with the coin still up by 57.7% despite a 14.6% drop from its peak. The analyst notes that the overall price pattern covered on the channel over the past month is unfolding as anticipated, which bodes well for Kaspa supporters.
Hourly Timeframe Analysis and Resistance Levels
Focusing on the hourly chart, Crypto ZX observes that Kaspa’s previous resistance level, which it surpassed during its climb towards the 38.2 Fibonacci level, now serves as a support level. This indicates positive prospects for the coin’s upcoming price movements.
The analyst also points out the 17 cents price point as a significant resistance level based on past performance. Kaspa’s retest of the 38.2 Fibonacci level on Sunday has generated considerable momentum and is indicative of the coin’s potential.
Bullish Outlook and Risk Management
Crypto ZX expresses confidence in Kaspa’s potential to reach the 17.1 cents mark and possibly reclaim the 23.6 Fibonacci zone, which corresponds to its all-time high range. The analyst remarks that Kaspa has shown resilience in recovering this zone swiftly after steep declines, distinguishing it from many other projects.
However, Crypto ZX also recognizes the risks associated with Kaspa, noting that it may be more prone to manipulation than some other projects. The analyst advises investors to implement stop losses as a safety measure, particularly if Bitcoin were to undergo a fake-out.
Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is announced!
The original article titled “Here’s Why This Week Could Be ‘Big’ for Kaspa as KAS Price Pumps” can be found on CaptainAltcoin.”
Source: captainaltcoin.com