Kaspa’s price is up 3% today, which means KAS is now trading above the $0.15 level. Prominent analyst “Dark Horseman” posted a Kaspa chart today to their 30k followers on Twitter, providing valuable insights into the Kaspa’s technical outlook.
Kaspa Chart Analysis
The Kaspa price found solid footing around the $0.15 level, which appears to be a crucial support zone for the token. Instead of breaking down below this threshold, the price rebounded, showcasing impressive resilience and rejecting further downside pressure. This support line seems to be acting as a strong technical and psychological foundation, preventing a concerning breakdown.
While the price has managed to bounce back from the $0.15 support, it will likely encounter some key resistance levels going forward. The $0.17050 mark is identified as a critical resistance point that $KAS needs to overcome if it hopes to see more substantial upside. After the recent bounce, the token may face challenges in clearing this hurdle, but successfully breaking above could signal the beginning of stronger bullish momentum.
Was expecting a breakdown below the $0.15 Crucial Support but the market had other plans.$KAS / $USDT showed exceptional strength on this key support level with the price bouncing off quickly to the upside.Moreover, the stoch RSI has finally flipped out of the oversold… pic.twitter.com/yp3sJJg8gN
— Dark Horseman (@Dark__Horseman) September 9, 2024
Beyond the critical $0.17050 resistance, the chart also highlights $0.18378 and $0.19883 as additional resistance levels that could act as barriers during an upward move. Ultimately, the all-time high (ATH) of $0.20995 stands as the ultimate price ceiling that $KAS will need to contend with if the bullish trend continues to strengthen.
Read also: This Kaspa Rival Is Positioned To Mirror Solana’s Meteoric Rise
Kaspa: Technical Indicators
The 50-day exponential moving average (50EMA) currently sits slightly above the current trading price, around the $0.16297 level. This means that Kaspa will need to climb above this dynamic resistance if it is to gain more bullish traction and see further upside. Interestingly, the price has interacted with the 50EMA in the past, but is yet to reclaim this important technical indicator convincingly.
Moreover, the volume profile analysis reveals that the Volume Point of Control (VP-POC), which represents the price level with the highest trading volume, is also located near the $0.16297 mark – the same as the 50EMA. This could indicate a significant liquidity zone, and a successful breach of this level could potentially pave the way for more upward momentum.
One positive sign observed in the technical analysis is the behavior of the Stochastic RSI indicator. This momentum oscillator shows that the Kaspa price was previously in oversold territory, but is now flipping out of those levels. This suggests that buyer interest and buying pressure may be starting to build.
Overall, the technical picture for Kaspa appears to be cautiously optimistic. The token’s ability to defend the crucial $0.15 support level, coupled with bullish signals from indicators like the Stochastic RSI, indicates that $KAS may be positioned for a potential price increase in the near term.
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