KASPA recovers as its trading volume soars by 114.39% in the past 24 hours.
- KAS trading volume surges by 114.39% in 24 hours. Can KASPA hit a new all time record high?
Last month, KASPA’s price rose exponentially, surpassing ICP and PEPE’s market cap . Equally, it hit a new all-time high during a sustained increase.
However, as other altcoins started recovering with BTC gains this month, the KAS trend went against the market. After weeks of decline, KAS holders and crypto analysts predict another bull run.
KAS recovers after a sustained decline
As of this writing, KAS trading volume was soaring high after reporting a 114.39% surge over the last 24 hours. Equally, the altcoins have recorded a 1.96% intra-day gains. The gains have left various analysts predicting a sustained uptrend.
Crypto analysis Kaspa Maxi shared his prediction on X, suggesting KAS will reach $0.5. He shared that,
” “Look familiar? Kaspa at .05 before breaking to .15 vs. Kaspa at .18 before breaking to ~.50+.”
Source: X
According to his charts, KAS will repeat the same trend when it surged from $0.05 to $0.15, as the current trend mirrors the past. With the same trend, KAS will reach $0.5, reaching an all-time high.
However, other analysts are more optimistic, with Evca Wolf predicting a historic high of $1. On X page, the analysts noted that,
“”$KAS reaching $1+ is inevitable. It’s only a matter of time.”
Source: X
Prevailing market sentiment
KASPA has been enjoying a positive market sentiment for the last 30 days. According to Market Prophit, KAS crowd market sentiment is positive at 0.061, Crowd Z score 0.083, and Buzz score of 1.10 over the last 30 days.
This market sentiment has been maintained on weekly charts.
Source: Market Prophit
What KAS price charts indicate
Notably, AMBCypto analysis shows KAS is experiencing a positive market sentiment a strong upward momentum. For starters, KAS’s Directional Movement Index shows a strong uptrend.
The positive index at 26.79 sits above the negative at 15.2, suggesting a strong upward movement.
Source: Tradingview
The Relative Strength Index at 61 also shows that KAS buying pressure is stronger than selling pressure. This suggests the uptrend is well positioned to continue as it supports the trend.
Source: TradingView
Equally, the altcoin’s Relative Vigor Index (RVGI) at 0.075 sits above the signal line 0.0454, suggesting a strong buying pressure, and the prices are likely to rise.
Looking further, our analysis of Coinglass shows KAS open interest has surged from $57M to $70.39M over the past seven days.
The rise in open interest shows investors are opening new positions while holding the existing ones, which is a sign of confidence in the altcoin.
Source: Coinglass
Finally, Coinglass further shows lower rates of long position liquidations while short positions are higher. At press time, long position liquidations were $2.7K, while short positions were $85.7k.
This shows that those betting against the market suffer losses, and long-position holders continue to pay premiums to hold their positions.
Source: Coinglass
Can KASPA reach a new ATH?
As of this writing, KAS is trading at $0.187 after a 3.86% gain on weekly charts. With strong buying pressure and a positive market, KASPA is in a strong uptrend.
Therefore, if the prevailing market conditions persist, KAS will break out of $0.196 resistance level and record a new high.
If the daily candle closes above $0.189, the altcoin will break out of its resistance level and record above $0.20.
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