Kaspa (KAS) has been under the spotlight lately, as the price action displays signs of weakness, despite its earlier bullish sentiment. In a tweet by top crypto analyst Zero Ika, he shared insights on KAS using it as an educational example to explain market patterns.Â
The post highlights the bearish signals in Kaspaâs price action, mentioning a potential Wyckoff distribution schematic and other patterns that have influenced the recent price drop.
I never talk about altcoins, but today I'm gonna make an exception using $KAS as educational example. (if you're sensitive or a fanboy, this post is definitely not for you)On the 15th of August I shared a potential Wyckoff distribution schematic as the price was at its LPSY⊠pic.twitter.com/BOREP53KlJ
â ZERO IKA (@IamZeroIka) October 8, 2024
Weakness Confirmed in Kaspaâs Price Action
According to Zero Ikaâs analysis, Kaspaâs price has been weakening since mid-August, when the altcoin was hovering around $0.1544. He identified several key bearish signals, including the coinâs drop below significant levels such as the November 2023 high, the uptrend trendline, and two equal lows (EQLs).Â
Additionally, a bearish â3 drivesâ pattern further hinted at a price decline. Zero Ika pointed out that the fundamentals surrounding Kaspa, including the rising hashrate and claims that it offers better technology than Bitcoin, have been widely promoted by supporters.Â
However, he noted that these narratives have ignored the warning signs in the price action.
Kaspa Price Drops Below $0.15
Two months after Zero Ikaâs initial warning, Kaspa has broken below the $0.15 level, validating the bearish outlook he shared. Despite this downturn, the analyst made it clear that this does not necessarily mark a macro top for the altcoin. He suggested that Kaspa still has room within the broader cycle, but its bearish trend is likely to continue in the short term.
He warned traders and investors to respect price action patterns and take profits when possible, emphasizing the importance of following technical indicators rather than relying solely on the altcoinâs fundamentals.
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Kaspaâs Current Market Status
As of today, Kaspaâs price stands at $0.1345, according to data from CoinGecko. The coin has experienced a slight 0.13% increase in the past day, although it has dropped by 8.43% over the past week.Â
With a 24-hour trading volume of over $40 million, the market sentiment surrounding Kaspa remains cautious amid its current bearish outlook. In conclusion, while Kaspaâs long-term potential may remain intact, recent price action suggests a period of uncertainty.
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The post Kaspa Price Slips Below $0.15 as Bearish KAS Patterns Signal Weakness appeared first on CaptainAltcoin.