- KAS prices soared 66% last month.
- Altcoins are trying to regain their all-time highs.
Proof-of-work (PoW) cryptocurrency Kaspar (KAS) is poised to regain its all-time high of $0.18 following a rebound above the long-term resistance level established at $0.14.
The price of KAS trended within a range between April 12 and June 2, forming a horizontal channel.
This channel is formed when the price of an asset consolidates within a certain range. This is because the balance between buying and selling pressure prevents the price from showing a strong trend in either direction.
The upper line of this channel forms resistance and the lower line represents support. While KAS faced resistance at the $0.14 price level, it found support at $0.1.
The Kaspa cryptocurrency is rallying to an all-time high.
KAS’s trading volume has surged since early June. For example, on June 3, altcoin daily trading volume totaled $165 million, the highest since November 2023. of santimement data.
Source: Santiment
This surge in trading activity pushed the price of KAS above the horizontal channel upper limit on June 3, indicating that it closed above resistance that day.
The price of KAS, which is trading at $0.1797 at press time, continues its upward trend and is trending toward the all-time high of $0.18 hit on February 20th.
Source: KAS/USDT by TRadingView
Price action on the 1-day chart suggested that the upward trend may continue. For example, Aroon Up Line (orange) was at 100% at press time.
This indicator identifies the strength of asset price trends and potential reversal points.
If the Aroon Up line is close to 100, it is a sign that the uptrend is strong and the most recent highs have been reached. This is a bullish signal.
The altcoin’s relative strength index (RSI) and money flow index (MFI) were 79.91 and 70.44, respectively, confirming the surge in demand. These indicators show that KAS’s buying power was greater than its selling power.
Additionally, at the time of writing, KAS’s MACD line (blue) is above the signal line (orange). When these lines are positioned like this, it is a bullish signal. This means that the short-term average of the asset is higher than the long-term average.
Read Kaspa (KAS) Price Forecast for 2024-25
Traders interpret this as a signal to open long positions and close short positions.
If KAS’s buying trend continues, its price could surpass its all-time high and trade at $0.2.
Source: KAS/USDT by TRadingView