Kaspa (KAS) Prices Rise 28% WTD as Marathon Digital Holdings Expands into Kaspa Mining

Kaspa prices have been on a bull run, rising 28% WTD to reach a daily high near $0.18 on June 27. The token reached a new ATH on June 5.

Bitcoin (BTC) prices have shown resilience in the past 24 hours, rising 1.37% to reach a daily high of $39,k on June 27. The token began the week with a bearish outlook, reaching a daily low of $38,k on June 26. However, BTC prices recovered quickly, rising above the crucial support level.

The world’s leading cryptocurrency reached a local top of $40,k on June 16 before facing a bearish outlook. Now, BTC prices attempt to reclaim the lost ground and reach the resistance level once again.

Marathon Digital Announces Expansion into Kaspa Mining

Marathon Digital Holdings, Inc. (NASDAQ:MARA) has announced its expansion into Kaspa mining. The firm began evaluating Kaspa in May 2023 and deployed its first Kaspa ASICs by September 2023.

According to the press release, Marathon has acquired 60 petahash of KS3, KS5, and KS5 Pro ASICs, with 30 petahash already operational in Texas, and the remaining ASICs are expected to be deployed by Q3 2024.

As of June 25, Marathon has mined 93 million KAS, valued at approximately $15 million. This increase in hash power will strengthen Kaspa’s network security and transaction speed. Marathon's involvement will also enhance the network's robustness and credibility in the digital asset market.

Marathon Digital Holdings, Inc. is a digital asset technology company that engages in the generation of digital assets and the maintenance of blockchain infrastructure. It has a hash rate capacity of approximately 18.4 EH/s. Marathon also mines BTC.

Adam Swick, Marathon’s chief growth officer, highlighted the strategic benefits of diversifying into Kaspa mining. The move aligns with Marathon’s goal to diversify its revenue streams while supporting proof-of-work ecosystems.

“We are excited to announce our expansion into Kaspa mining, which is a direct result of our strategic efforts to diversify our operations and support the proof-of-work digital asset community,” said Swick.

“Kaspa is a promising proof-of-work protocol with a passionate community, and we believe that our scale and experience will contribute to the growth and security of the Kaspa network. We look forward to continuing our collaboration with the Kaspa community and delivering value to our shareholders.”

Swick also noted that Marathon began evaluating Kaspa in May 2023 and was impressed by the community's technical capabilities and dedication to decentralization. The firm deployed its first Kaspa ASICs in September 2023.

“We commenced our evaluation of Kaspa in May 2023 and were particularly impressed by the community's technical capabilities and strong commitment to decentralization,” said Swick.

“By September 2023, we had deployed our first Kaspa ASICs. We are now ramping up our operations and expect to have 60 petahash of KS3, KS5, and KS5 Pro ASICs fully deployed by Q3 2024. Of the total, 30 petahash are already operational in Texas.”

Marathon began mining BTC in late 2020 and has since played a crucial role in the Bitcoin mining industry. The firm’s involvement in Kaspa mining is expected to benefit the network and further establish Marathon's presence in the digital asset space.

Kaspa Prices Attempting to Reclaim Lost Ground

After reaching a local top of $0.19 on June 5, KAS prices faced a bearish outlook, dropping to a daily low of $0.16 on June 13. The token began the past week with a bearish outlook, reaching a daily low of $0.17 on June 26.

However, bulls managed to push prices up and register some gains on June 27. The rally faces a multi-month descending trendline resistance that could rebuff the Kaspa token’s upside attempts. The trendline also capped KAS price action when it reached its all-time high near $0.19.

It seems bears are in no mood to let the Kaspa token price reach $0.2. Breaking above the trendline could help the KAS price rise to resistance near $0.197.

Moreover, flipping the immediate resistance would help bulls push the Kaspa token’s price rally to the resistance 0.786 FIB resistance near $0.228.

However, a rebuttal from the trendline could result in KAS price testing the 20-day EMA ( red wave) support near $0.16. Needling below the immediate support level would force the Kaspa token price to drop to the 100-day EMA (blue) support level near $0.14.

The Kaspa token’s

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