Top analyst ParabolicPump shared on X (formerly Twitter) that Kaspa (KAS) has been consolidating for about a year. However, analysts and traders have highlighted a potential breakout from this prolonged consolidation phase. This extended range-bound trading has positioned the token for a possible upward surge as it edges closer to testing key resistance levels.

The analyst also emphasizes the cyclical nature of crypto markets and the importance of strategic decision-making during volatile periods. ParabolicPump noted that once KAS breaks out of its current range, a parabolic rally could follow, potentially driving the token into price discovery territory.

Kaspa’s price has been trading within a horizontal range between $0.08 and $0.19 for the past year. This accumulation period has created a robust support zone near $0.08, where significant buying interest has been observed. The chart shared by ParabolicPump identifies this green horizontal zone as the base where “smart money” has been accumulating.

Recent price movements indicate a bounce off the support zone, signaling renewed bullish momentum. The breakout from a descending green channel within this range further supports the narrative of higher lows and higher highs forming in the coming weeks.

The $0.19 resistance level remains a critical barrier for KAS. Analysts point out that repeated tests of this resistance weaken its hold, increasing the likelihood of a breakout. The chart suggests that once this resistance is breached, KAS’s price could target levels near $0.50, a psychological and technical milestone for traders.

ParabolicPump’s analysis highlights that volatility has been relatively low, but this is expected to change. The combination of technical patterns, including the symmetrical triangle, indicates a bullish breakout could be imminent.

Read Also: Bitcoin Nears $91K: Can Bulls Push BTC Price to $95K Amid Key Resistance?

The tweet delves into market psychology, warning investors about the potential euphoria phase following a breakout. During this phase, retail investors often drive prices to unsustainable levels, leading to a blow-off top. ParabolicPump advises caution and strategic profit-taking to avoid losses during the subsequent correction.

The upcoming months could bring substantial price movements for Kaspa. Traders are advised to monitor key levels and prepare for increased volatility as the token approaches its breakout point.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post Kaspa (KAS) Price Movement Signals Potential Breakout – Key Levels to Watch appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

116 +