Kaspa’s KAS Surge: Why It Could Jump 75% Higher
Subscribe to our Telegram channel for the latest updates on breaking news stories.
Kaspa has been on a steady rise since the beginning of the year. It has surged more than five times its initial value, currently trading at an impressive 647% higher than its price on January 1. The analytical layout on the day-to-day chart predicts a significant upward movement for this proof-of-work (PoW) cryptocurrency. Here are a few factors that make this outcome highly plausible.
Analysts Give Positive Forecast For Kaspa
Multiple experts and traders have shared their opinions on the price movement of KAS, the digital currency of Kaspa, a Layer 1 blockchain platform. Among these individuals is renowned trader Peter Brandt, who holds the view that the cryptocurrency is experiencing a significant upswing in value.
The trader made this statement on X in a blog post, in reply to a follower's inquiry about his opinion on KAS as a respected technical price analyst. Brandt expressed his admiration for KAS by saying, "Without a doubt, it is experiencing a robust upward trend, with its value increasing by twenty times in less than a year."
Without a doubt, it is experiencing a powerful upward trend, increasing in value by a factor of twenty within a span of twelve months. This particular cryptocurrency is a proof of work coin, and in my opinion, that is a promising aspect. pic.twitter.com/07w4DKgIns
— Peter Brandt (@PeterLBrandt) August 15th, 2023
The experienced trader, dreinferredom, mentioned the profits achieved by KAS up to this point in the year, highlighting that being a Proof of Work (PoW) cryptocurrency could potentially benefit Kaspa.
A different expert, called Crypto on X, mentioned that KAS's hash power had reached its ultimate peak of 10.00 PH/S. The investor stated that this had "grown rapidly! Over two times in only a few weeks!" Additionally, they projected that the price of Kaspa could reach $1, with the highest market value during the bullish period hitting $5.
The hashrate of $KAS is an impressive 10.00 PH/S!
Oh my, that escalated rapidly! It increased by over twice its original value within a matter of weeks!
Track the miners...and they will lead you to the land of your dreams.
The arrival of $1 is approaching faster than anticipated by many individuals.
Prices during the peak bullish period range from $3 to $5. Let's go!
— Fearless Digital Currency (@FearlessDigi) August 16, 2023
During the past day, the value of KAS on Wheniting experienced a 5% increase, reaching $0.040. These gains hold great importance as other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) were trading in the negative zone at the time. CoinGlass data reveals that a total of $153 million worth of cryptocurrencies were liquidated within the last 24 hours.
Bullish Flag Boosts Kaspa Price
KAS has seen a positive trend since the end of May. NotTheice's rise began in early June after Kaspa received support from the $0.015 level. FolThespa's value experienced a significant increase and reached its highest point ever of $0.051 on August 6 before dropping to its current level. This movement has resulted in a bullish flag on the daily chart.
This particular technical formation is seen as very positive because of its distinct structure and the way it affects the movement of prices. A bullish flag pattern is a type of pattern that happens after a significant increase in price. It involves a short period of consolidation or retracement, which creates a shape that looks like a flag on a flagpole.
After the consolidation period ends, the price typically continues to move in the same direction as the previous upward trend.
In the situation of Kaspa, if the daily closing price of a candlestick is higher than the upper limit of the flag, specifically at $0.042, it will validate a breakout from consolidation, allowing KAS to continue its upward trend. Noteworthy obstacles will be encountered at the highest point of the flag's pole priced at $0.051, and later on at the psychological level of $0.060.
Moreover, the cryptocurrency has the potential to rise and reach the desired point on the technical chart pattern, which is valued at $0.070. If this were to occur, it would indicate a significant increase of 75% from the current value, demonstrating the cryptocurrency's ability to explore uncharted price territories.
Kaspa: Bullish As Per Technical Indicator
In addition to the greatly optimistic chart pattern, a couple of other signals confirmed the positive perspective for KAS. These included the ascending moving averages that were also situated beneath the current price. The range of demand, marked by the 200-day and 100-day SMAs at $0.027 and $0.035, respectively, served as robust support levels for Kaspa during declines.
Moreover, the Relative Strength Index (RSI) showed an upward trend. This indicated that the purchasers were once again joining the market and were resolved to boost the price. Additionally, the SuperTrend indicator confirmed the bullish scenario as well. It is a noteworthy technical analysis tool that integrates trend-following and stop-loss methods, thus making it beneficial for trading strategies, whether for short-term or long-term purposes. It is worth noting that this trend-following indicator is positioned above the price and the presence of the green line indicates that KAS's upward trend is set to persist.
However, the RSI's placement in the negative territory indicated that the market conditions were still in favor of a decline. Consequently, KAS may decline from its current levels if it sees a daily candlestick closure below the support line of the flag at $0.038, which is supported by the Supertrend's green line.
This action would result in a disastrous outcome for the value, making purchasers withdraw towards the SMAs or descend further towards the $0.20 support barrier.
Kaspa is constructed based on the GHOSTDAG protocol, which is an enhanced version of the Bitcoin agreement method. In Kaspa, the KAS token acts as the means for conducting all transactions on the blockchain and distributing mining incentives.
In June, engengineaspa achieved an impressive accomplishment by becoming the swiftest and most genuine proof-of-work consensus. It reached an unmatched milestone on its testnet by producing an extraordinary average of 10 blocks per second (BPS), which signifies a noteworthy moment in its journey.
During the period of Kaspa's complete recovery, individuals looking for investment prospects may explore the option of investing in presale for a new type of digital currency. This opportunity entails a relatively low risk compared to the potential profit that it may yield, with a chance to make returns up to 20 times the initial investment by the year 2023. The following section provides insights into one such opportunity.
Launchpad xyz is a thrilling new internet-based venture that is constructing a comprehensive platform to assist traders in maneuvering through the volatile cryptocurrency market. Furthermore, its presale has recently achieved a noteworthy accomplishment.
In order to gather financial resources for the creation of their innovative web3 platform that prioritizes the community, the team responsible for the Launchpad xyz project has been organizing a presale of their own $LPX token. This token is essential for users who wish to enjoy the network's outstanding features and top-notch services.
Fed up with having to manage various platforms to facilitate cross-chain trades? ????
Make your entire journey easier with just a single tap on #LaunchpadXYZ.
Discover additional information on our website at https://t.co/ZUZaIKgy84, where we delve into the realms of Web3, cryptocurrency, blockchain technology, and Ethereum. Take a moment to explore and expand your knowledge! #Web3 #Crypto #Blockchain #Ethereum
— Launchpad.xyz (@launchpadlpx) on August 16th, 2023
The initial offering raised $1.2 million earlier this week and currently sits at $1.3 million at the moment of composing this piece.
As per the Whitepaper by Launchpad XYZ, the project intends to roll out several key components of its platform during the third quarter of 2023. These features encompass the Launchpad Feed, Token and NFT Directory, Metaverse Library, and Gaming Hub.
Should the platform witness widespread user adoption, which many experts believe will happen, there will likely be a substantial surge in demand for its native $LPX token.
Come and check out Launchpad XYZ's website, where you can connect your wallet and purchase your very own $LPX tokens.
Meme Economy on Wall Street - The Upcoming Crypto Trend
Sign up for our Telegram channel to remain updated with latest news coverage.
