Analyst Spots Key Technical Formation in Kaspa’s (KAS) Price Action

2024-11-25 20:25

The Kaspa price is experiencing a correction today, dropping around 8.5% and currently trading below $0.15. However, KAS holders shouldn’t be too concerned, as most altcoins are facing similar downward pressure. For comparison, DOGE has declined by 11.5% in the last 24 hours.

Popular crypto analyst Marto shared an intriguing Kaspa chart with his 30,000 followers on X. The weekly timeframe chart reveals an interesting Rally-Base-Rally pattern that’s caught the attention of many traders. The first rally saw KAS surge from around $0.005 to the $0.15-$0.17 range, followed by a healthy period of consolidation.

Kaspa Price Analysis and Prediction

During the base phase, Kaspa has been moving sideways between $0.10 and $0.17, establishing a solid support zone around the $0.10 level.

The price has tested this support multiple times, showing its strength as a floor. The key resistance sits at $0.17-$0.18, and a breakthrough above this level could open the path toward $0.30.

The RSI indicator currently reads around 54.66, suggesting neutral to mildly bullish momentum. This means the asset isn’t overheated and has room for potential upward movement. The overall trend structure remains bullish, with the price forming higher lows during the base phase.

While the chart doesn’t show volume data, these long-term base formations typically involve periods of accumulation. Marto’s analysis suggests a longer-term perspective rather than a short-term trade, with projections indicating a potential 60-80% upside if the pattern plays out as expected. This aligns with the technical structure visible on the weekly chart, where a breakout above the resistance could trigger the second leg of the Rally-Base-Rally pattern.

Read also: SAND, MANA, and AXS Prices Pump – Are Metaverse and Gaming Narratives Waking Up?

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The post Analyst Spots Key Technical Formation in Kaspa’s (KAS) Price Action appeared first on CaptainAltcoin.

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