Kaspa Looks Bullish: Will The Rally Resume Amidst Volatility?

• The Kaspa token price rallied over 20%, guiding bullish momentum this week.
• The bulls have gained traction and are eyeing the ATH mark to cross soon.

The Kaspa token (KAS) price witnessed a massive bull run and surged over 20% this week. Despite the market’s bearish sentiments, Kaspa defied the selloff and traded with the bullish course.

The token recently rebounded from its demand zone of $0.1070 and witnessed a sharp rounding shape of recovery in the past month. Additionally, it has retained the bullish trajectory and is eyeing to cross its ATH mark of $0.1919.

The price action signifies a rounding bottom formation, and the token might soon cross its neckline hurdle and reach the upside mark of $0.2000.

At press time, the Kaspa price traded at $0.1678 with an intraday surge of 5.39%, reflecting bullishness on the charts. It has a monthly return ratio of 37.20% and 983,20% yearly, reflecting bullish momentum.

The pair of KAS/BTC is at 0.00000247 BTC, and the market cap is $4 Billion. Analysts are bullish and suggest that the KAS price may extend the gains and will continue to rally ahead.

Can Bulls Maintain Their Dominance?

Despite the bearish market sentiments, the Kaspa token has witnessed significant buying interest pumped over 20% and made a new ATH mark this week. However, the token price retraced over 12% from the top and paused the rally.

Meanwhile, the token trades in the bullish region look strong, implying that buyers are confident and might continue to dominate ahead.

Its trading volume soared over 15.45% to $70.80 million, and the market cap rose over 5% in the last 24 hours.

Ranked at 31, the Kaspa token has a total supply value of 23.87 billion and a volume-to-market cap ratio of 0.0176.

Source: TradingView

Per the momentum oscillators, the RSI curve stays in the overbought zone and guides a positive crossover. At the same time, the MACD indicator reveals a bullish overview, displaying green bars on the histogram.

Kaspa Weighted Sentiment Turned Positive 

Following the price surge, the weighted sentiment data reveals a notable bounce and a positive outlook on the charts.

This week, its value sharply soared and retained the midline region, noting around the 0.23 mark.

Source: Santiment

Similarly, the price volatility curve delivered intense fluctuations and guided speculation among the investors.

@KingCrypto, in his tweet, says, “In my not so humble opinion, a 20% retrace on the @KaspaCurrency chart is not a bearish sign.

The current support at $0.155 is November 2023’s top and as much as I would have preferred $KAS continue its run up, given the current market situation where many tokens have seen a 60% – 80% decline in price from their respective tops, I’d say $KAS is holding up pretty well.

And if we maintain this support, we may just have a new ATH soon. But my eyes are on the MACD as it determines where we’re headed for next.”

$KAS / $USDT – 1 day

In my not so humble opinion, a 20% retrace on the @KaspaCurrency chart is not a bearish sign.

The current support at $0.155 is November 2023's top and as much as I would have preferred $KAS continue its run up, given the current market situation where many… pic.twitter.com/oOKH3u8kt0

— King Crypto (@__kingcrypto__) June 11, 2024

Source: X

Futures OI Data Reveals Long Additions 

Investors have shown their belief in the Kaspa token and made fresh long positions this week.

The open interest value surged over 6.27% to $58.71 million in the past 24 hours, revealing the buying momentum on the charts.

The immediate support levels for the Kaspa token are $0.1500 and $0.1380, whereas the key upside hurdle is around $0.1720, followed by $0.1870

Conclusion

The Kaspa (KAS) token price climbed above the key moving averages and directed bullish momentum on the charts. The trend is bullish, and the token may continue to make new highs and will resume the rally ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.