2024-6-6 13:30 |
The price of Kaspa reached a new all-time high of $0.192 on Wednesday. Since then, the price has declined, likely due to profit-taking by many holders, closing at $0.179. However, it has been in the green since the start of today but now faces key resistance to reclaim the all-time high.
Despite this, many analysts remain optimistic about Kaspa’s price, projecting significant price spikes in the coming months. One analyst on X, bysiyakat, has even outlined a path to $5, predicting that most of the coin’s movement to trigger such a spike will occur between July 2024 and 2025. According to his analysis, the movement between $2 and $5 is expected to be logarithmic, indicating substantial percentage increases.
Bysiyakat emphasizes the importance of discovering temporal cycles in the cryptocurrency market, suggesting that this knowledge can lead to substantial wealth creation.
The analyst has identified a pattern on the KAS weekly chart, with the intervals between the blue lines getting smaller, indicating a potential acceleration in price growth. The two orange vertical lines on the chart highlight the period between July 2024 and July 2025, which bysiyakat believes will be the most crucial time for KAS’s price performance.
Running Flat Pattern Signals Bullish Breakout for KASCryptographur, another prominent analyst, has identified a seven-month-long Running Flat Pattern on the KAS chart, which he considers to be one of the most bullish patterns the cryptocurrency has displayed thus far. The shallow and extended correction, followed by an anticipated upside breakout, has triggered a potential price surge.
Cryptographur also sheds light on the reasons behind the lack of mainstream attention on KAS during its accumulation phase. He argues that smart investors who recognize the project’s value prefer to accumulate in silence, avoiding competition and keeping the price low. Additionally, the average retail trader often overlooks the true value of a project, instead focusing on short-term price action and hype.
The analyst emphasizes the importance of focusing on value rather than price, stating that Kaspa has the best value proposition in the entire cryptocurrency industry.
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As a fair-launched, proof-of-work cryptocurrency that offers scalability and smart contract capabilities, KAS is considered by some to be more aligned with Bitcoin’s original vision than BTC itself. Cryptographur believes that Kaspa fulfills Satoshi Nakamoto’s vision of electronic cash on the base layer, making it a revolutionary and essential project in the crypto space.
Breakout or Fakeout?Analyst Hov provides a technical perspective on KAS’s recent price action, noting a 70% bounce after the cryptocurrency reached a support level. Hov anticipates a sideways correction based on the rule of alternation, given the sharp style of the previous wave 2 correction.
If KAS faces rejection at the current level, Hov expects a pullback to at least the $0.14 support level, considering the possibility of a triangle formation rather than a regular flat correction. However, a solid high timeframe close above the $0.20 level could propel KAS towards the $0.25-$0.28 range, completing the macro 3rd wave.
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The post Analysts Agree Kaspa is Set for Exponential Growth Following New All-Time High; Share Next KAS Price Targets appeared first on CaptainAltcoin.
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