A recent video posted on YouTube by CRYPTO BLOCKS delves into indicators that suggest Kaspa’s price may be on the verge of a significant increase. The presenter acknowledges the current market slump, referring to it as disheartening. However, they maintain a positive outlook on the market’s ability to recover.
The cryptocurrency expert reviews the weekly chart of Total Two, observing the market’s configuration since 2017 and drawing parallels with its present structure. They point out resemblances in the candlestick formations, implying a possible uptrend if the current pattern emulates historical trends.
Further analysis on Total Three (excluding Bitcoin and Ethereum) demonstrates how present patterns are in line with previous bullish phases. The completion of an ABC structure is becoming evident, which could signal an impending rise.
Bitcoin and Overall Market Sentiment
Crypto Blocks highlights the significance of Bitcoin surpassing resistance levels as an indicator of a general market upswing.
They note a bullish divergence in Bitcoin’s daily RSI, hinting at a potential rise.
The video also discusses gold as a safe-haven asset, mentioning its current pricing and what it means for the wider market. The presenter further talks about the Russell 2000 index, elaborating on its significance in reflecting the state of the market.
Potential Surge in Kaspa’s Value
Kaspa is currently ranked number 23, with a daily trading volume of $48 million and a market capitalization just above $4 billion.
Although it has seen a 1.4% decrease on the day, the presenter anticipates this trend to reverse due to prevailing market conditions.
The presenter examines Kaspa’s pricing pattern, noting a strong bottom touch four times and the upper area twice, indicating a robust support level.
Different timeframes (12-hour, 8-hour, 4-hour, daily, 3-day, 5-day) reveal varying RSI conditions, some of which show bullish signals.
The presenter offers an in-depth technical analysis, pinpointing potential retracement levels and future price objectives. They discuss the formation of a possible ABC pattern with a short-term target around $0.185.
Should the broader market, particularly Bitcoin, experience a breakout, Kaspa’s value could soar and potentially exceed $1 during this bullish cycle.
The crypto analyst strongly believes in a market recovery and encourages viewers to remain hopeful. They reiterate their expectation for substantial market activity, especially for Kaspa, propelled by overarching market trends and technical indicators.
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Source: captainaltcoin.com