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- 1 The Kaspa crypto price dropped below the key EMAs of 20 and 50 days, suggesting weakness in the daily chart.
- 2 The KAS price hovered close to $0.116, reporting a negative intraday development of 3.62%.
The Kaspa crypto is extending the losses on the second consecutive day and trades and is attempting to break below the lower boundary of the consolidation. At the time of writing, the crypto was trading close to $0.116 after losing 3.62% in intraday.
Earlier, the KAS crypto experienced a drop in the last week of February and slumped lower, breaking below the 20-day and 50-day exponential moving averages. The breakdown below the key EMAs indicates a short-term correction in the price.
Currently, the KAS crypto seems stuck between the 50-day EMA on the higher side and the 200-day EMA on the lower side. The price is consolidating in the range, and unable to find a clear direction as of now.
The breakout above the 50-day EMA or a breakdown below the 200-day EMA may indicate a clear trend. The breakout on the higher side may validate a short-term trend correction, and the crypto may resume on the higher side. On the other hand, the breakdown on the lower side may indicate a trend reversal.
Kaspa Crypto Volume Analysis
The volume analysis shows that Kaspa cryptocurrency received nearly 71.06 Million USD in volume inflow in the past 24 hours, which is almost 2.99% higher than the previous day. It has a live market capitalization of 2.71 Billion USD and ranks 41st in the overall crypto market.
The volume-to-market capitalization of KAS crypto is 2.58%, suggesting low volatility in the crypto. The number of tokens in the circulating supply is 23.35 Billion KAS tokens, which is 81.37% of the total supply. It has a total supply of 28.7 Billion KAS tokens.
Kaspa Crypto Technical Outlook
From a technical point of view, the KAS price hovers below the key 20-day and 50-day EMAs, suggesting a weak outlook in the short term. Also, the price still lies above the higher EMAs of 200 days, indicating a positive outlook in the long term.
At the time of writing, the RSI line was placed below the mean line and was at 39.08. The SMA line was placed at 46.04 points. Both the RSI and SMA lines were placed below the mean line, which indicates a weak outlook in the short term. Also, a bearish crossover of both the lines was obsessed, which further adds confirmation to it.
Kaspa Crypto Price Prediction April 2024
On the most bullish observation, The Kaspa price could rise to a high of $0.185 by the end of April 2024, suggesting an upside potential of nearly 32.4%. On the flip side, the most pessimistic prediction of our analysts is for the price to break below the recent dynamic support of 200 days at $0.116, after which the price may fall to the $0.096 level.
Conclusion
Kaspa crypto is trading in red for the second consecutive day, trading around $0.116 with a 3.62% intraday drop. The dilly chart witnessed a decline in late February, after which the crypto broke below the 20 and 50-day EMAs, thus entering a short-term correction phase. The price is currently fluctuating between the 50-day EMA (upper limit) and 200-day EMA (lower limit), indicating consolidation without a clear trend.
Any breakout above the 50-day EMA could suggest a continuation of the short-term bullish trend. At the same time, any breakdown below the 200-day EMA might signal a bearish trend reversal. The RSI at 39.08 and SMA at 46.04, both below their respective mean lines, point to a short-term bearish outlook.
Technical levels
- Support levels: $0.116 and $0.096
- Resistance levels: $0.146 and $0.160
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
