While the overall crypto market is slumping, crypto analyst Cilinix Crypto has issued a warning for Kaspa (KAS) investors. The analyst points out a few factors, including the overall crypto market conditions, that reversed the course of KAS.
Analysis Highlights Short-Term Bearish Sentiment
Cilinix stated that despite the expectations of a rise to $0.22 following a breakout above $0.195, Kaspa price dropped to its current level of $0.1534.
The analyst stated that the overall market conditions have played a major role in Kaspa’s performance. He also suggested that a more favorable overall market could have helped in a stronger breakout.
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Cilinix also mentioned that Kaspa has broken below key support levels, particularly around $0.18. The analyst stated that these are signs of a bearish outlook.
Despite the current price drop, the analyst said that Kaspa is poised for a recovery once the market cools down.
Kaspa price prediction for August
CoinCodex has shared the price prediction for Kaspa for August. According to the platform, KAS is predicted to surge 227.55% and hit $0.50975 by August 4, 2024.
CoinCodex also acknowledges that the current sentiment is bearish. The Fear & Greed Index shows a reading of 29, which shows “Fear” in the market.
Source: Coincodex
The platform also highlighted that, over the past 30 days, Kaspa has shown mixed results. The data shows that only 12 out of 30 days (40%) were positive. KAS was also down by almost 15% during this period.
Nevertheless, based on current technical indicators, CoinCodex suggests that it might not be the ideal time to invest in Kaspa.
Read more: XRP Price Could Hit $4 in Its Next Leg Up: Analyst Shares Major Ripple vs. SEC Update
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