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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 01, 2024 08:03 UTC
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Against The Bearish Tides, KAS Price Rounding Reversal Eyes $0.28
As Bitcoin drops under $65K, the broader market pullback intensifies and fuels a correction phase. With $225.34M worth of liquidations in the last 24 hours, $197.80M worth of bullish positions closed. As this puts additional stress on the altcoins, KAS price trend might struggle to continue its uptrend.
With a long-term recovery rally in the daily chart, the KAS token shows a promising price action. So, check out our KAS price prediction and price analysis below to find out more about the upcoming trend.
Kaspa’s Breakout Run Hits $0.20
With a rounding bottom reversal in the daily chart, the KAS price action overcomes the pullback phase in the 2024 second quarter. The 2x surge with a bullish reversal from the $0.10 psychological support level breaks the higher high formation.
In the daily chart, the neckline breakout of the rounding bottom pattern tops the $0.20 mark and creates a streak of bullish candles. Currently, the KAS price trades at $0.2040 with an intraday drop of 0.76%, reflecting a potential retest phase in action.
Completing the retest and making a healthy correction will likely increase Kaspa’s trend momentum for an improved bull run. Further, the rising trading volumes bolster the possibility of an extended uptrend,
Technical Indicators:
RSI Indicator: The daily RSI line is moving diagonally upwards from the halfway line, reflecting the recent demand surge. Further, the RSI line at the overbought boundary teases a potential retest.
MACD: The bullish crossover in the MACD and signal lines ignite the uptrend and head higher.
Will The KAS Price Jump This Week?
With a support trendline in action and the recent bullish breakout of the rounding bottom pattern, it increases uptrend chances. Further, a potential surge in the broader market later this week will likely fuel the breakout run in Kaspa.
As per the pivot points standard, the ongoing recovery approaches the $0.22 mark or the R1 pivot resistance. Beyond this, the next two target levels are $0.24 and $0.28.
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