As Bitcoin fell below $65,000, the broader correction intensified and pushed the pullback phase into motion. $225.34 million worth of liquidations were recorded in the past 24 hours, with long positions closed worth $197.8 million. As this puts additional pressure on altcoins, the KAS price trend may struggle to continue to rise.
The KAS token is showing good price action with a long-term recovery rally on the daily chart. So, check out the KAS price prediction and price analysis below to know more about future trends.
Kaspa’s Breakout Reaches $0.20
With the reversal from the bottom of the daily chart, KAS price action overcame the Q2 2024 correction phase. The 2x up move from the psychological support at $0.10 and the bullish reversal broke a higher high formation.
Trading ideas
On the daily chart, the neckline of the rounding bottom pattern has breached the $0.20 mark and formed a string of bullish candles. Currently, KAS price is $0.2040, down 0.76% intraday, reflecting a possible retest phase.
A completed retest and a healthy correction could increase the trend momentum for Kaspa, improving the bull case. Moreover, the increase in trading volume strengthens the possibility of a continuation of the uptrend,
Technical indicators:
RSI Indicator: The daily RSI line is moving diagonally upward from the midline, reflecting a recent surge in demand. Moreover, the RSI line at the overbought border signals a potential retest.
MACD: The bullish crossover of MACD and signal line ignited the uptrend higher.
Will the KAS price increase this week?
With support trendlines in play and a recent bullish breakout from a rounding bottom pattern, the likelihood of an uptrend has increased. Additionally, the broader market could see a sharp rally later this week, which would likely fuel a breakout in Kaspa.
As per the pivot point criteria, the ongoing recovery is near the $0.22 mark or the R1 pivot resistance. Beyond this, the next two target levels are $0.24 and $0.28.
