- Kaspa (KAS) surged 7% following CoinMarketCap's official listing of the token in the 'Made in America' category, which could boost visibility given President Trump's support for U.S.-based crypto projects.
- Despite the recent jump, KAS remains in a strong downtrend with a 59% decline over the last 90 days and 66% drop from its December 2024 high of $0.1895.
- The token is currently testing critical support at $0.054 after forming a bearish Head & Shoulders pattern and failing to hold multiple support levels.
- MACD indicators show signs of potential trend reversal with weakening bearish momentum, suggesting a possible short-term relief rally if KAS can reclaim the $0.077 resistance level.
Date: Tue, March 11, 2025 | 02:43 PM GMT
The cryptocurrency market continues to face significant bearish pressure, with Ethereum (ETH) plunging over 7% today, adding strain on major altcoins.
However, amid the broader market downturn, Kaspa (KAS) has caught attention with a 7% price jump following a key development. Despite this, KAS has suffered a 59% decline in the last 90 days, bringing it closer to a crucial support level.
Key Development
The recent surge in KAS price comes after CoinMarketCap, a leading cryptocurrency tracking platform, officially listed Kaspa in the “Made in America” token category.
This is a notable development as the U.S. President, Donald Trump, has expressed strong support for U.S.-based crypto projects. The recognition by CoinMarketCap boosts the visibility of Kaspa and strengthens investor sentiment toward the project.
Is the Bottom Near?
While this short-term jump is a positive sign, KAS remains in a strong downtrend, facing a classic Head & Shoulders pattern. This bearish structure has pushed the price down by 66% from its right shoulder rejection at $0.1895 on December 2, 2024.
The decline has led KAS to its current level of $0.063 after failing to hold multiple support levels (marked in blue on the chart). The price is now testing the critical support zone at $0.054, indicated by the gray shaded area. If buyers step in, this could mark the bottom for KAS.
The MACD indicator, a key momentum oscillator, is showing signs of a potential trend reversal. The MACD line is attempting to cross above the signal line, while the histogram indicates weakening bearish momentum. A confirmed bullish crossover could signal a short-term relief rally.
If KAS manages to bounce from the current support and reclaim the $0.077 resistance level, a short-term recovery could be on the horizon, potentially opening the door for further upside.
Final Thoughts
Despite the strong downtrend, Kaspa’s recent listing in the “Made in America” token category could provide a sentiment boost among investors. However, technical indicators suggest that the bottom is still being tested. The next few trading sessions will be crucial in determining whether KAS can establish a strong base for recovery or if further downside is ahead.
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