Date: Thu, Sept 26, 2024, 09:29 AM GMT
The cryptocurrency market has recently kicked off a bullish rally, fueled by a positive outlook for the fourth quarter and the Federal Reserve’s decision to cut interest rates. Layer 1 tokens like SUI and SEI have seen impressive gains of 26% and 37%, respectively, over the past week. However, one prominent Layer 1 token, Kaspa (KAS), hasn’t been able to join the party. Instead, KAS has declined by over 4.8% in the last 30 days.
A key factor behind this downturn is the outflow of funds, as analyzed yesterday. Despite the overall market sentiments, KAS has struggled to keep pace.
Today, crypto trader @ApexTrader shared his insights, noting that while altcoins are on the rise and the S&P 500 is gaining, the U.S. dollar’s dominance is dropping. He mentioned that Bitcoin ($BTC) is preparing for another attempt to break through the $65,000 level. In contrast, KAS is lagging behind both the broader market and Bitcoin, indicating that a more significant move might be on the horizon.
Moreover, in a closer look of KAS/BTC chart, he reveals that KAS is currently sitting in a support zone. This could mean that the token is poised for a potential rebound. Traders are closely watching this area, as a breakout could signal a strong upward movement for KAS in the near future.
As the market gearing up for October, KAS’s current position may indeed be the calm before a larger wave of activity. Investors are encouraged to keep an eye on upcoming developments and price movements, as the potential for a turnaround is on the table.
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