Date: Wed, Nov 06, 2024, 11:45 AM GMT
The cryptocurrency market is celebrating today as Bitcoin (BTC) achieves a milestone, hitting a new all-time high of $75,000. This rally is largely driven by optimism surrounding the U.S. election, where crypto supporter Donald Trump has been elected president. This positive market sentiment has lifted several altcoins, including Kaspa (KAS).Kaspa (KAS), which had been in a downtrend over the last few months—dropping around 25% in the past 90 days—has managed to break out of its bearish phase with an impressive 12% gain today. Currently trading at $0.1191, KAS made a strong comeback by bouncing off the crucial support level of $0.1017.
Source: Coinmarketcap
Is a +50% Move on the Horizon?
The technical setup for KAS looks promising for a potential rally. The price has rebounded off a well-established support level at $0.1017, signaling that this level may serve as a strong foundation for future upward movement. If bullish momentum continues, KAS may target the next significant resistance area around $0.18, which would represent a potential 50% gain from its current level.
This pattern is reinforced by the "W" shape formation visible in the chart, which suggests that KAS may be entering a reversal phase. The recent price action has formed higher lows, indicating that buyers are stepping in at increasingly higher levels, reducing selling pressure.
Additionally, the RSI (Relative Strength Index) currently sits around 41.94, just shy of the neutral zone, indicating there’s room for upward movement before KAS becomes overbought. If buying momentum continues to build, this could create the perfect conditions for a significant breakout.
However, traders should watch for potential resistance near the $0.1489 level, which may act as psychological barriers. Breaking through these levels with sustained volume would likely confirm the bullish outlook for KAS, making a +50% rally to the $0.18 target in the coming weeks.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
