In a video released on YouTube today, crypto analyst CRYPTO BLOCKS discusses the current market conditions and potential future movements of Kaspa (KAS). Let’s look at the key points covered in his analysis.

Kaspa’s Recent Performance and Market Position

Kaspa has seen a 3.7% rise in value over the last 24 hours and a strong trading volume of 66.5 million. This activity has helped Kaspa’s market capitalization reach $4.45 billion, making it the 24th largest cryptocurrency by market cap.

The analyst mentions that Kaspa’s market cap was around 500 million when they first started covering the asset. This substantial growth reflects the growing interest and confidence in Kaspa within the crypto community.

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Technical Analysis and Wave Theory

CRYPTO BLOCKS applies wave analysis to Kaspa’s price movement, identifying the current uptrend as wave three in the sequence. This suggests that a potential pullback, characterized as wave four, may be on the horizon. The analyst elaborates on wave patterns, explaining that if wave two was simple, traders should anticipate a more complex wave four, and vice versa.

Chart analysis reveals that Kaspa has broken out from a previous resistance point, defying expectations of rejection. This breakout, coupled with the measured move from the pattern, indicates there may be more room for upward movement. The weekly chart further supports this bullish sentiment, showing a strong upward trajectory.

Price Targets and RSI Analysis

The analysis highlights the 19-cent region as a crucial price target for Kaspa. The cryptocurrency’s recent performance, breaking previous highs, suggests it might continue its ascent without a significant fourth wave pullback.

To gauge momentum, CRYPTO BLOCKS examines the Relative Strength Index (RSI) across various timeframes, including 1-hour, 4-hour, 8-hour, and 12-hour charts. This comprehensive RSI analysis aims to identify potential bearish divergences that could signal a short-term top or an ABC corrective pattern.

Trading Strategies and Risk Management

The video emphasizes using stop-loss orders in leverage trading to protect against sudden market downturns. Traders can adjust their stop-loss levels as prices move favorably to secure some profit.

CRYPTO BLOCKS mentions their own long position in Kaspa and discusses strategies for managing stop-loss to avoid premature liquidation. The analyst also teases upcoming offers for subscribers on a new exchange platform for leverage trading.

While the overall sentiment for Kaspa remains optimistic, with expectations of reaching the 19-cent target, the analysis doesn’t shy away from potential risks. Traders are cautioned to watch for bearish divergences on the RSI, which could indicate a temporary top or corrective pattern.

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The post  Where The Kaspa (KAS) Price Is Headed Next appeared first on CaptainAltcoin.