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Analysts Are Bullish On Kaspa Crypto, Can It Hit $1 By Year End?

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Kaspa’s (KAS) price has witnessed positive signals from crypto asset investors, and support for the rally has been backed by the broader market. 

The recent spike highlights a bullish optimism, and at press time, the KAS price has traded at $0.1494 with an intraday surge of +1.46%, with a market capitalization of $3.55 Billion.

At the time of writing, the crypto was ranked #29 in market cap according to CoinMarketCap. Additionally, the volume/market cap ratio of the crypto is 2.13%, indicating low liquidity in the crypto.

Analyst Highlights: Why Kaspa has Lower Risk Than Other Similar Projects?

According to Jeff Sekinger, Kaspa distinguishes itself from similar projects through two key risk mitigation factors: first , the project has been characterized by a fair-launch, devoid of any preferential treatment for founders or venture capitalists, or whales waiting to dump upside moves. The token’s distribution supply has notably decentralized, as evidenced by the diverse ownership by across public wallets.

Secondly, Unlike Bitcoin’s four-year halving cycle, Kaspa undergoes a halving event annually. With 83% of the total supply already in circulation, the project has on the cusp of a significant reduction in new token issuance. 

Kaspa Price Prediction (KAS) Based on Technical Analysis

An analyst, who goes by the handle ‘Kaspa Enthusiast,’ highlighted bullish sentiments on X and noted that In Kaspa (KAS),a big pump is likely on the daily chart. 

Further chart analysis suggests that KAS exceeded from the descending wedge pattern and is rising steadily.

Past price structure shows that KAS experienced a drop from the peak of $0.1895 on February 20th, 2024. The subsequent decline in KAS was followed by an even lower low dips on the daily chart.

Moreover, the subsequent price movement of KAS resulted in the creation of a descending wedge pattern. The asset’s price has broken out above the pattern with a significant trading volume.

Indicators Analysis and KAS Forecast

Referring to the daily chart, the 50-day and 200-day EMAs indicated a bullish trend as the KAS asset’s price has moved beyond these dynamic EMAs. Likewise, the MACD indicator has also favored the bulls, with the histograms on the daily chart showing bullishness. The MACD and signal lines have also risen above the zero level.

Additionally, the RSI flashed at 67.58, which has also climbed to higher levels with strong momentum and would likely to enter the overbought zone, having surpassed the 14-day SMA and maintained levels above 50.

Overall, the key levels to monitor are the support levels for KAS cryptocurrency, which are $0.1300 and $0.1010, followed by resistance at $0.1895, and $0.2000.

Summary

KAS highlights bullish sentiments as expressed by an analyst and analyzes the technical indicators, including the MACD, RSI, and EMAs, to evaluate the current market trend. Finally, it outlines the key support and resistance levels for the KAS cryptocurrency.

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