Marathon (MARA) CEO Fred Thiel Optimistic on Kaspa (KAS) Mining Rewards, New ATH Incoming?

Kaspa (KAS) had been the only coin with a use case that has an optimistic price action that has gains similar to or even better than most of the

Kaspa (KAS) has sparked optimism among traders with its impressive price performance and increasing attention from major players in the crypto industry.

The native token of the energy-efficient blockchain has seen a surge in value over the past 90 days, ranking among the top performers alongside memecoins. According to CoinMarketCap data, KAS price has soared over 70% during this period. This week, the token has seen a further 11% increase and is currently trading at $0.1942 with a 5% surge.

The recent price rally has attracted attention, with Marathon Digital Holdings (MARA) CEO Fred Thiel highlighting Kaspa's superior mining rewards compared to Bitcoin (BTC).

In a video shared on Twitter, Thiel discussed MARA's interest in Kaspa, highlighting its high mining profitability. According to the CEO, Kaspa's revenue per kWh is around $1, significantly higher than BTC's $0.08.

This statement comes as Kaspa's hashrate has also reached new heights, peaking at 645 PH/s. Over a month ago, MARA’s addition of KAS to their mining portfolio fueled the hashrate, which had been roughly 100PH/s to date.

An analyst highlighted this development in a tweet, also stating that MARA had purchased 60 PH of mining machines and that other companies are joining in on mining Kaspa due to its higher profitability compared to BTC.

As more players enter the mining market, the asset may see continued growth in network stability, and hashrate.

According to CryptoSlate analysis of derivatives data, new contracts opened for the recent trend amounted to 6.42%, with a total derivatives volume of $33.01 Million.

The liquidation data highlighted that shorts are being pumped into the KAS market. In 24 hours, shorts liquidated higher at $17.18K, while longs stayed at 4.41K. The derivatives needled at continued price growth!

Technical Analysis of Kaspa (KAS) Price

KASPA has been in an uptrend from the second half of 2023, which is followed by the first half of 2024. It had been trading in an upward-broadening wedge. From lower border support in May 2024, the price has headed for the upper border, and it has come halfway as of writing.

The 50-day and 200-day EMA bands support the run. Further surge would create a new ATH. RSI flashed at 65.14, and MACD formed a bullish cross.

The optimism is strong in the asset and contingent on buyers’ activity. The price would fly ahead. Resistance ahead could be the round numbers at $0.2200, and $0.2400, respectively, till it reaches the upper border. However, slippage from $0.1900 would lead towards the loss of gains, where bears would eye at $0.1869, and $0.1521 support levels, respectively.

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