Kaspa (KAS) is up 1.5% today, making it one of the rare top altcoins currently “in the green” in an otherwise stagnant market. Even though some experts believe the altseason is coming, we haven’t seen that, at least no so far.
The KAS price is now trading around $0.17, slightly down from its all-time high of approximately $0.24 set earlier this month.
This coin is breaking ATHs while other coins are struggling – a clear indication of Kaspa’s potential.
Development and Innovation
When it comes to development activity, Kaspa is making strides in simplifying blockchain interactions. The project is introducing the Kaspa Name Service (KNS), which aims to transform complex blockchain addresses into user-friendly names using .kas domain name resolution rules.
Huge thanks to everyone for the amazing interest and active discussions around KNS 𐤊! It’s been awesome to see so much excitement within the Kaspa community. We truly appreciate your passion and enthusiasm.A quick intro to the KNS team: We’ve been in the space since 2021 and…
— kns.kas (@knsdomain) August 16, 2024
According to altFINS, the KAS price maintains a long-term uptrend, currently trading in a Channel Up pattern. A pullback to the $0.15 support level, which coincides with the 200-day moving average, presents a swing trade opportunity. This setup offers a potential 35% upside to $0.19, with a suggested stop loss at $0.135.
Kaspa Chart Analysis and Key Levels
Looking at the KAS chart, several important support and resistance zones are clear. Strong support levels are evident at $0.10, $0.125, and $0.15, with the latter currently acting as immediate support. On the upside, key resistance zones are found at $0.194 and $0.24.
Earlier this year, KAS formed a falling wedge pattern, which typically signals a potential reversal. The subsequent breakout led to a strong upward move, with the price now trending within a rising channel. The upper boundary of this channel aligns with the resistance zone at $0.194.
Source: altFINS
The 200-day Simple Moving Average (SMA) has proven to be a reliable dynamic support, currently sitting just below the $0.15 level. This confluence of factors makes $0.15 a strong entry point for potential swing trades.
Indicator-wise, the Relative Strength Index (RSI) is at a neutral 46.13 but trending upwards, suggesting potential for further upward movement if momentum builds. The Moving Average Convergence Divergence (MACD) shows a slight bearish crossover, which may signal short-term consolidation or a minor pullback before a potential continuation of the uptrend.
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Looking at price targets, the immediate resistance lies at $0.194, corresponding to the upper boundary of the channel. If breached, the next major resistance would be at $0.24, aligning with prior price peaks. A break above this level could potentially lead to new highs.
In summary, KAS is currently consolidating within an upward channel after breaking out from a falling wedge. The crucial $0.15 support level, reinforced by the 200 SMA, and the key $0.194 resistance are the levels to watch. A break above $0.194 could pave the way for a test of $0.24, with potential for further upside if bullish momentum persists.
Read also: How Many Kaspa (KAS) Tokens Do You Need to Become a Millionaire?
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