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- 1 The KAS coin price reveals a rising parallel channel on the charts.
- 2 The price action signifies a retracement move and is heading toward the 100-day EMA mark.
The Kaspa price shows a decline and dropped over 18% this week, signifying the selling pressure. Moreover, the coin trades inside the rising parallel channel and continues forming higher high and higher low formations. Amidst the market surge, the coin did not contribute gains in the rally and is witnessing a neutral outlook on the charts.
At press time, the Kaspa coin (KAS) price was trading at $0.1340 with an intraday drop of 10.25%, indicating neutrality on the charts. It has a monthly return ratio of 1.61% and 942.89% on a yearly basis. The pair of KAS/BTC is at 0.00000196 BTC, and the market cap is $3.06 Billion. Analysts are neutral and suggest the KAS coin price will retest the 100-day EMA mark and may attain a pullback soon.
Kaspa Price Shows Retracement with a Decline in Trading Volume
This week, the Kaspa price revealed a setback, has plunged over 15%, and has slipped below the 50-day EMA mark. The on-chain metrics hint at underperformance, and the technical indicators are replicating the bearish outlook. The intraday trading volume noted a rise of over 40% to $127.90 Million, suggesting the sellers are putting effort into pushing the coin price toward the 100-day EMA mark.
Per the Fibonacci retracement value, the coin has slipped below the 38.2% zone and is heading to the 23.6% support region.
Price Volatility on a Declining Note along with Negative Sentiment
The coin faced a price drop, and the price volatility kept declining, which signifies a low investor interest. The volatility curve noted a steep decline of over 54% this week, which fell to 0.023. Similarly, the total weighted sentiment also reported a decrease, and the curve reverted from a positive value of 0.56 to -0.625, indicating a negative outlook.
Social Dominance and Volume Replicates Neutral Outlook
The Kaspa coin witnessed a drop in social volume and dominance; the volume fell sharply over 400% to 11, and the dominance curve fell over 210% to 0.128. This severe drop in the data reveals that investors are not paying attention to it, resulting in the Kaspa price retracement.
Technical Indicators are Indicating Bearish Crossover; Can Bulls Comeback?
Following the price correction, the Kaspa coin started replicating bearishness, and the leading and lagging indicators suggested a negative crossover. The relative strength index curve fell below the midline, indicating underperformance in the upcoming sessions.
The total supply of the Kaspa coin is 23.01 Billion, whereas the volume-to-market cap ratio is 0.0385.
Summary
The Kaspa price witnessed a decline, and the price action indicates a selloff in the last few sessions. Moreover, the coin has slipped below the 50-day EMA mark and is ready to retest the support zone of $0.1200 soon.
Technical Levels
Support Levels: $0.1200 and $0.1000
Resistance Levels: $0.1440 and $0.1600
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
