Kaspa (KAS) Surged Over 8% Intraday, Marks New ATH: What’s Next?

• The Kaspa price broke out of a range, hitting a fresh ATH mark.
• Chart reflects aggressive buying actions.

Kaspa token (KAS) succeeded in smashing the primary hurdle of $0.1860 and broke out in the overnight session.

This comes after Marathon Digital (MARA), a Bitcoin mining company, declared that it had mined $16 Million worth of Kaspa (KAS) to diversify its revenue streams.

This company launched the first batch of Kaspa miners in September 2023, and up to now, it has mined 93 million KAS tokens, while the tokens have risen by 420%.

The bulls broke out of the cup and handle formation, marking a new ATH. Nevertheless, buyers are eyeing to cross the immediate round mark of $0.2000 to extend the rally.

On the other hand, if the token faces profit booking ahead, the token might get support around the $0.1900 mark.

At press time, KAS was trading at $0.1956 with an intraday surge of 8.76%, reflecting bullish momentum on the chart. It has a monthly return ratio of 41.20% and 652.30% yearly, reflecting an uptrend.

The pair of KAS/BTC is at 0.00000318 BTC, and the market cap is $4.71 Billion. Analysts are neutral and suggest that KAS may extend the bullish waves and will cross the $0.2000 mark soon.

Analysing KASPA Future Levels After Hitting ATH (All-Time-High) Mark

Traded in the blue skyzone, Kaspa looks bullish on the short term and long term charts and justified the bullishness. Fueled by an aggressive buying spree in the past few hours, the sellers were trapped and a short covering move was triggered.

Notably, the token could extend its bullish leg beyond the $1 mark and might continue to stretch the bull rally in the coming sessions.

Following the positive news triggered by Marathon Digital (MARA), its holders and market investors have added fresh longs into it, which led to a massive breakout.

Source: Santiment

Since the start of February 2024, the cup and handle formation has been in the making and after a couple of trading sessions.

The key metrics revealed sharp positive sentiments and suggests a further upside toward $0.2300 followed by $0.2700 is on the horizon and can be seen in a while.

Accompanied by sharp volume buying, the token smashed the key hurdle of $0.1900 and the market cap rose to $4.71 Billion. In terms of market cap, the token ranked 25.

Weighted Sentiment and Volatility Data Forecast

Fueled by the breakout, its weighted sentiment data showed an explosive move and soared over 453% in the past few hours.

Source: Santiment

Similarly, the price volatility data replicated a noteworthy rise of over 19% and jumped to 0.018, revealing an optimistic outlook.

A tweet by @Cryptogenerian in his post mentioned that KAS has formed a bullish cup and handle pattern, which has a long term target of $0.3500.

Potential Cup & Handle in $KAS chart. If confirmed, minimum target is .35 @KaspaCurrency pic.twitter.com/ACTuRdxdAZ

— Cryptogenerian (@cryptogenerian) June 29, 2024

Source: X

Sharp Surge in Futures OI Data 

The Futures Open Interest Data (OI) witnessed a tremendous spike, reflecting the buyers’ dominance.

Source: Coinglass

The Open interest data noted a gigantic rise of over 33% to $80.19 Million, highlighting sharp long additions in the past hours.

The immediate support levels for KAS are $0.1860 and $0.1750, whereas the key upside hurdle is around $0.2000 followed by $0.2300

The Kaspa (KAS) token price climbed above its vital moving averages and skyrocketed beyond the ATH mark. In the overnight session, it registered a sharp breakout and rallied over 9%. The token could reach the upside mark of $0.2500 soon.

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.