- Kaspa’s price has fallen by double digits over the past 30 days.
- Several indicators suggested a trend reversal towards $0.12.
The last 30 days have been the worst Caspar (KAS) Because it has lost much of its value. This may have sparked some panic among investors.
However, some on-chain indicators and technical indicators hinted at a trend reversal. Therefore, AMBCrypto conducted further research to determine the bull’s chances of survival.
Kaspa’s latest massacre
KAS investors have had a tough time, with the token price falling more than 25% over the past 30 days. In fact, in the past seven days alone, the token’s value has plummeted by more than 8%. At the time of writing, Kaspa transaction It has a market capitalization of $0.11 and a market capitalization of over $2.7 billion.
However, following this massive decline, some on-chain indicators hinted at a bullish trend reversal. AMBCrypto’s analysis of Santiment’s data shows that KAS’s social dominance has increased, reflecting its popularity in the cryptocurrency space.
After the sharp decline, KAS’s weighted sentiment has slipped into positive territory. This is a sign of increasing bullish sentiment towards the token.
Source: Santiment
After a sharp rise, Kaspa’s trading volume began to decline. A decline in an indicator usually signals a trend reversal.
Coinglass Evaluation by AMBCrypto data They also released quite a few other optimistic indicators. For example, KAS’ Open Interest was rejected. Whenever an indicator falls, it means that the general price is likely to change.
In addition to this, it appears that the long/short ratio of KAS has started to rise. This means that there are more long positions than short positions in the market. This is a bullish signal.
Source: Coinglass
Where is KAS headed?
Finally, AMBCrypto checked KAS’s daily chart to see if technical indicators were also suggesting a trend reversal. It turns out that Kaspa’s price has touched the lower limit of the Bollinger Bands. In fact, the token was testing significant support at the time of writing. These events often lead to price increases.
After the drop, the token’s Relative Strength Index (RSI) recorded a slight upward trend. Additionally, technical indicator MACD predicted a possible bullish crossover.
Source: TradingView
In the event of a bullish trend reversal, it would not be surprising to see the first target for KAS at $0.122. That seemed likely, as Kaspa’s liquidation would rise sharply from that level.
read Kaspa (KAS) Price Prediction 2024-2025
Typically, increased liquidations result in short-term price corrections. A break above this resistance could push KAS towards its August highs.
Source: Coinglass