The Kaspa price has been trading sideways for months now, and all big KAS enthusiasts out there need to accept this, whether they like it or not.

In fact, in the last 30 days, Kaspa has lost 30% of its value, which means it’s now trading in the $0.10-$0.12 range. A notable analyst who goes by the name “Csm19XD” shed light on why the Kaspa price is being manipulated now.

The price charts show a consistent downtrend in KAS prices throughout the second half of 2024. What’s unusual here is that the open interest stays high and even increases at times during this decline. When you see high open interest in a falling market, it typically means either more traders are betting on further price drops, or long-term holders are buying more to lower their average entry price.

The Kaspa data reveals something interesting – there are more accounts holding long positions compared to short ones, even as prices keep dropping. This suggests that while regular traders keep buying, thinking the price will bounce back, something else is at play.

Read also: Can Kaspa (KAS) Still Reach $10 This Bull Run?

On October 25th, a massive $800,000 worth of long positions got liquidated across Binance, ByBit, and Huobi. This wasn’t just a random market move – it came with a 35% drop in open interest, meaning many traders got forced out of their positions.

Here’s what makes this suspicious: while many long positions got wiped out, very few new short positions were opened. This points to a few large players potentially controlling the market. These whales might be strategically shorting KAS to trigger liquidations and force panic selling from smaller traders.

The evidence suggests these institutional players are deliberately pushing prices down, aiming to shake out retail investors before potentially buying back at lower prices. This pattern of manipulation is becoming increasingly clear in the KAS market data.

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The post Here’s Why Whales Are Manipulating Kaspa (KAS) Price appeared first on CaptainAltcoin.

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