Crypto ZX Channel has provided an analysis of Kaspa (KAS) amid Bitcoin’s slight price drop in a video analysis. The host highlights the interconnectedness of Kaspa’s performance with Bitcoin’s market movements, noting the current retracement and its broader implications.
The market has experienced a slight pullback due to Bitcoin’s minor dip. This retracement is seen as a normal shift given the recent bullish trends. The host noted that Bitcoin’s dominance index remains around 55.62%, showing its influence on the overall market.
Bitcoin’s price is currently at support levels, reminiscent of previous cycle highs from October 2021. The possibility of Bitcoin retesting the $64,000 support line is anticipated, driven by market sentiment and whale activity.
Kaspa (KAS) Price Analysis
At the time of their analysis, Kaspa was priced at 17.3 cents, with a market cap of $4.2 billion and a daily trading volume of $42.1 million. However, at press time KAS trades at $0.177 with a daily trading volume of $35.21M. This is a 2.03% price increase in the last day. Over the past week, it dipped by 0.79% though.
Kaspa has recently faced resistance at the 23.6% Fibonacci retracement level. The next major support levels are identified at 16.8 cents and 16.3 cents. A support line was tested at 17.1 cents, showing a 5.75% dip from recent highs.
“The next major support levels for Kaspa are identified at 16.8 cents and 16.3 cents. A significant support line was also tested at 17.1 cents, showing a 5.75% dip from recent highs,” the host explained.
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Market Sentiment and Future Outlook
Kaspa’s price movements are closely tied to Bitcoin’s performance. A drop in Bitcoin could lead to sharp pullbacks in Kaspa’s price. Due to its limited exchange listings, Kaspa is susceptible to manipulation, making it vulnerable to whale activities.
“Kaspa is susceptible to manipulation due to its limited exchange listings, making it vulnerable to whale activities,” the host highlighted.
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