The cryptocurrency market continues to trade under a strong bearish cloud, causing the cryptocurrency industry to lose more than $100 billion in valuation since the start of the week. Moreover, the top coins continue to hover near their important support levels, indicating weak bullish sentiment in the cryptocurrency space. Kaspa (KAS) price shows a bullish price action with a 24-hour trading volume of $90.55 million, gaining 10.16% in the past day. Moreover, the altcoin is up 13.36% in the past month, which shows that the KAS token has a strong bullish influence in the cryptocurrency space.
KAS token breaks through resistance level:
After a neutral trend in the first month between $0.09760 and $0.1168, Kaspa price regained momentum, gaining 85.19% in valuation to hit a new yearly high of $0.18375.
As market volatility increased, bulls lost momentum, causing a 34.60% correction in KAS token valuation. Since then, the price has been hovering around the $0.11685 support/resistance level.
The Moving Average Convergence Divergence (MACD) shows rising green bars, indicating an increase in positive price sentiment in the cryptocurrency space. Furthermore, the averages show a bullish uptrend, highlighting that KAS price will continue to appreciate in the future.
Will Kaspa prices increase?
If the market sustains the price above the $0.1168 support, the bulls will regain momentum and prepare to test the $0.140 resistance. If the bulls sustain the price at this level, it will set the stage for Kaspa price to test its overhead resistance at $0.162 in the future.
On the contrary, if a trend reversal occurs, the bulls will lose momentum and test the $0.116 support. Moreover, if the bears continue to dominate the market, the price will drop towards the critical support of $0.09760.
