Kaspa fell 9.46% to $0.09956 as volume rose 34.88% to $168.8M, signaling strong selling.
KAS RSI dropped to 58.74, showing weakening momentum but still holding a bullish trend.
If Kaspa breaks $0.095, it may drop further to $0.08 or even $0.075 in the coming sessions.
In the last 24 hours, the price of Kaspa (KAS) dropped a lot, going down to $0.09956, which is a 9.46% drop. There was more trading in the cryptocurrency, with a 24-hour volume of $168.8 million, which is 34.88% more than the last session. The market capitalization went down to $2.63 billion, which shows that the overall market was bearish. A recent X post by Mikro suggests that Kaspa may be poised for a move toward $0.30, citing a long-term consolidation breakout and bullish technical structure.
The price started out close to $0.1104 but fell below the important psychological level of $0.10 during the session. It hit a low of $0.095 during the day before settling around $0.099. This move comes after a strong upward rally from mid-June, when the price rose from about $0.065 to a peak of $0.131 in July, a gain of more than 100%.
Market Sentiment and Technical Indicators
Also, the Kaspa Relative Strength Index RSI stands at 58.74 but it has reached a low of approximately 72 recently. This decline implies that the asset had become too costly and as such, the momentum has slowed down. Its RSI is yet to undermine 50, indicating that the overall trend is bullish. The weakening trend however indicates that there can be consolidation on the short term.
On the Moving Average Convergence Divergence (MACD) indicator, the MACD line and the signal line are at 0.006805 and 0.005072 respectively. The histogram is pretty positive, although the fact that it narrows indicates that the bullish momentum is losing its effect. In case the direction goes on like this, there may be a cross-over and this would imply that there may be a temporary turnaround.
Levels of Support and Resistance
The initial support is at the level of about 0.095 dollars. Otherwise, when it is not upheld the further decline of prices would have occurred up to the limit of $ 0.085. The nearest resistance level is $0.105 while the next one is at $0.110. Breaking of these levels may result in retesting the highest points which occurred in July at the price of $0.120 and $0.131.
The recent fall coincided with much trading and this may have been a profit taking or a selling due to panicking. The increase in liquidity implies that volatility could prevail in the upcoming few sessions with the prices expected to swing in either direction drastically.
A Look into the Future: Short Term and Long Term
When the market stabilizes, analysts believe that Kaspa will trade in a tight band of $0.095 to $0.105 short-term. If the price remains above $0.110, things would get better. If it gets below $0.095 though, then it could start plummeting down to $0.08 or $0.075 any ways.
Kaspa's break for bullish reversal over the high time frames. If the market was to remain strong, then that can push it to the levels around $0.30. However for this to occur it has to be preserved key support levels.
