- Kaspa (KAS) is down 50% from yearly highs and is currently testing a critical support zone around 0.11.
- Despite the recent decline, KAS remains 100X up from earlier entries, with analysts optimistic about its future potential.
- Traders are closely watching for potential rebounds near the 0.11 support level as KAS shows consistent bearish trends.
Kaspa (KAS) is currently 50% lower than its annual highs currently testing a crucial support level. The price is now at around 0.111012, an 8.44% decrease over the past week. This downturn raises concerns among traders as the asset approaches a key support zone of around 0.11.
Price Movements and Trends
The weekly chart for Kaspa against USDT on the MEXC exchange shows notable price movements. Initially, KAS traded within an upward channel, marked by blue lines. However, recent trading has pushed the price below this channel’s lower boundary. This breakdown indicates a shift in market sentiment, leading to increased selling pressure.
Throughout the year, Kaspa experienced various peaks and troughs. The asset climbed steadily until early 2024, reaching multiple resistance points. However, mid-year brought a reversal, culminating in a recent decline.
This new downtrend could signal further price drops if KAS fails to hold above the critical support level at 0.11. Currently, the weekly candles depict a consistent bearish trend with declining highs and lows.
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Support Zone and Future Outlook
The support zone around 0.11 is crucial for KAS. Previously, this level has acted as a base during earlier price movements. As the price approaches this green box zone, watch for potential rebounds. Nevertheless, no signs of reversal have emerged, indicating that the downtrend may continue in the near term.
Moreover, notable figures in the crypto remain optimistic about KAS’s long-term potential. CryptoDoc, a popular analyst, suggests bidding around 0.105-0.095, highlighting that KAS is still up 100X from earlier entries. He believes Kaspa could break into the top 10 cryptocurrencies by 2025.
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