Kaspa Token Price Rallies Amid Marathon Digital’s Mining Expansion Read CoinChapter.com on Google News

NOIDA (CoinChapter.com)— Kaspa prices have been on a bull run, rising 28% WTD to reach a daily high near $0.18 on June 27. The token reached a new ATH on June 5.

Kaspa’s BlockDAG (Directed Acyclic Graph) architecture allows the platform to produce multiple blocks simultaneously, enabling the network to process one block per second.

KAS price action over the last 30 days. Source: CoinStats

KAS prices corrected after reaching its ATH, likely due to profit booking by the bears. Now, a new partnership could add more bullish cues for the token.

Marathon Digital Holdings Expands into Kaspa Mining

Marathon Digital Holdings. has announced its expansion into Kaspa mining. The firm began evaluating Kaspa in May 2023 and deployed its first Kaspa ASICs by September 2023.

Moreover, Marathon Digital has acquired 60 petahash of KS3, KS5, and KS5 Pro ASICs, with 30 petahash already operational in Texas. The remaining ASICs will likely become operational by Q3 2024.

As of June 25, Marathon has mined 93 million KAS, valued at approximately $15 million. This increase in hash power strengthens Kaspa’s network security and transaction speed. Marathon’s involvement enhances the network’s robustness and credibility in the digital asset market.

Marathon Digital revealed it was mining Kaspa.

Adam Swick, Marathon’s chief growth officer, emphasized the strategic benefits of diversifying into Kaspa mining. The move aligns with Marathon’s goal to diversify its revenue streams while supporting proof-of-work ecosystems.

KAS Bulls Making Their Presence Felt

KAS price action on June 27 was a wild ride, with bulls and bears fighting for control over the Kaspa token. After a bearish start, which saw the Kaspa token price drop to $0.17, bulls managed to push KAS price up and register some gains.

However, the rally faces a multi-month descending trendline resistance that could rebuff the Kaspa token’s upside attempts. The trendline also capped KAS price action when it reached its all-time high near $0.19.

KASUSD daily price chart with RSI. Source: Tradingview.com

It seems bears are in no mood to let the Kaspa token price reach $0.2. Breaking above the trendline could help the KAS price rise to resistance near $0.197.

Moreover, flipping the immediate resistance would help bulls push the Kaspa token’s price rally to the resistance 0.786 FIB resistance near $0.228.

However, a rebuttal from the trendline could result in KAS price testing the 20-day EMA ( red wave) support near $0.16. Needling below the immediate support level would force the Kaspa token price to drop to the 100-day EMA (blue) support level near $0.14.

The Kaspa token’s relative strength index remained neutral, reading 65.59 on the daily charts.

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