Date: Tue, Nov 12, 2024, 11:11 AM GMT
The cryptocurrency market started today with a surge as Bitcoin (BTC) reached a new all-time high of $89,956. This marks a significant milestone for BTC, as it managed an impressive 25% rally over the past seven days. However, after reaching this peak, BTC has faced a healthy correction and is currently consolidating around the $87,000 range.
As is often the case, BTC’s correction has had a ripple effect on other cryptocurrencies, and many altcoins have seen price pullbacks. Among them, Kaspa (KAS) has experienced a decline of over 10% in the last 24 hours.
Despite this, KAS appears to be finding key support levels, which could set the stage for a potential rebound if market conditions stabilize.
Kaspa (KAS) Finds Key Support
Over the past week, Kaspa (KAS) saw a notable upward trend. Since November 5, the price of KAS climbed from a low of $0.1044 to a peak of $0.1615, marking an impressive 50% rally. This surge was likely driven by growing interest in the project, coupled with the overall bullish sentiment in the crypto market.
However, as KAS approached the $0.16 range, it encountered a rejection. Currently trading at around $0.1387, KAS has found support within the $0.1345 to $0.1405 range. This support level is critical, as it could serve as a base for KAS to consolidate and potentially reverse its recent downtrend.
What to Expect Ahead?
As of now, the entire crypto market, led by Bitcoin, is in a corrective phase. BTC’s price action is often a key driver for altcoins, so KAS’s next move may be influenced by BTC’s performance. If BTC rebounds from the $87,000 mark, it could spark renewed bullish momentum across the market, creating favorable conditions for KAS to recover from its current correction.
For KAS, the immediate support at $0.1345-$0.1405 is crucial. If this level holds, we could see a renewed upward movement, with potential targets around $0.1622 and $0.18. A rise to these levels would represent an upside of over 25% from the current price. Furthermore, a break above $0.18 could lead KAS to challenge its previous highs, but this would depend on continued strength in BTC and broader market sentiment.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.