The crypto market continues to trade under a strong bearish cloud, resulting in the crypto industry losing over $100 Billion in valuation since the week started. Moreover, the top tokens continue hovering close to their important support levels, indicating a weak bullish sentiment in the crypto space.
The Kaspa (KAS) price has displayed a 24-hour trading volume of $90.550 Million and a bullish price action by recording a jump of 10.16% within the past day. Moreover, the altcoin has added 13.36% within the past month, indicating a strong bullish influence for KAS token in the crypto space.
KAS Token Breaks Out Of Its Resistance Level:
After displaying a neutral trend by trading between $0.09760 and $0.1168 for the first month, the Kaspa price regained momentum and recorded a jump of 85.19% in valuation, resulting in the price recording a new yearly high of $0.18375.
As the volatility in the market grew, the bulls lost momentum, resulting in the KAS token recording a correction of 34.60% in valuation. Since then, the price has been hovering close to its support/resistance level of $0.11685.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating increased positive price sentiment in the crypto space. Furthermore, the averages show a bullish uptrend, highlighting the KAS price will continue gaining value in the coming time.
Will Kaspa Price Go Up?
If the market holds the price above the support level of $0.1168, the bulls will regain momentum and prepare to test its resistance level of $0.140. If the bulls hold the price at that level, it will set the stage for the Kaspa price to test its upper resistance level of $0.162 in the coming time.
Conversely, if a trend reversal occurs, the bulls will lose momentum and test its support level of $0.116. Moreover, if the bears continue to dominate the market, it will plunge toward its crucial support level of $0.09760.
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