Prominent analyst Parabolic Pump has shared an in-depth analysis on X (formerly Twitter) about Kaspa’s price. He suggested that the token may soon experience substantial upward momentum. A one-year re-accumulation phase, alongside key chart patterns, forms the foundation of the analysis, sparking discussions among traders and investors.

According to the analysis, Kaspa’s price has been consolidating for nearly a year in a defined range, represented by a green support zone. 

This phase of sideways movement, often referred to as re-accumulation, typically follows strong upward trends and precedes potential breakouts. The analyst suggests that prolonged consolidation allows market participants to accumulate positions at lower prices, creating a solid foundation for future growth.

The breakout above this green zone, identified on the chart, signals a possible end to the re-accumulation phase. Historical price action shows that Kaspa has followed a consistent cycle of impulsive upward movements, consolidation, and subsequent breakouts. This pattern supports the bullish outlook for the token as it moves closer to retesting its all-time highs.

The analysis also emphasizes the importance of the previous all-time high as a key resistance level. Once this level is surpassed, the chart suggests minimal resistance due to the lack of historical price data in those ranges. This scenario could enable the price to enter a parabolic phase, characterized by sharp and sustained upward movements.

Parabolic Pump also highlights the potential influence of fear of missing out (FOMO) on market behavior. As KAS’ price approaches and surpasses its previous highs, increased buying pressure could accelerate the upward trend.

The tweet accompanying the analysis stresses the strategic positioning of “smart money” during the consolidation phase. Limit buy orders placed within the green support zone reportedly yielded optimal entries, aligning with the analyst’s expectations. 

The post also suggests Kaspa could hit its highest price ever before 2024 ends, with more price movement expected in the next few months.

But remember, even though things look good on paper, we need to be careful with our trades – crypto prices can change very quickly in any direction.

Read Also: Lido DAO (LDO) Price Surges After Consolidation—Here’s Why It Could Climb Higher

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The post Is Kaspa (KAS) Price About to Explode? Analyst Highlights Key Chart Pattern appeared first on CaptainAltcoin.

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