Kaspa (KAS) Price Reversal: Retracement Ended?

This week, the Kaspa (KAS) price reversed sharply from the 200-day EMA mark and lifted over 18% of gains. It defied the selloff and re-entered the bullish channel.

The Kaspa (KAS) price encountered a sharp reversal from the 200-day EMA on Monday, notching up over 18% gains. It countered the selloff and re-entered the bullish channel.

With the crypto market bouncing back this week, Bitcoin and other altcoins, including Kaspa, experienced a price recovery. However, the token faced a lack of follow-on buying interest. It struggled near the 50-day EMA cluster.

Since the beginning of 2024, the token has formed crystal clear higher high swings. It witnessed a sustained uptrend within a rising channel.

However, the token has exited the channel due to sharp volatile activity. It has traded below the trendline mark of $0.1800.

With a long tail price rejection from the 200-day EMA near $0.1250, a strong support zone, the Kaspa buyers asserted dominance over the neckline and bounced back.

Kaspa KAS Price at Press Time

At press time, Kaspa was trading at $0.1656 with an intraday surge of 4.06%, reflecting a minor pullback. It had a monthly return ratio of -2.30% and 243.20% yearly, highlighting a long-term bullish trend.

According to CoinMarket Cap Data, the token was ranked 32 with a market cap of $4.02 Billion.

Has Kaspa’s Price Retracement Ended?

Retracing over 20% from its All-Time-High (ATH) mark of $0.2075, Kaspa found concrete support around the 200-day EMA mark. It pulled back in the last sessions.

Last week was too volatile for Kaspa. It made an ATH but failed to extend the bullish momentum and faced significant profit booking. Kaspa retested the 61.8% Fib retracement level.

Still, the Relative Strength Index (RSI) curve was floating in the oversold trajectory, and a crossover is yet to be seen. Similarly, the MACD indicator projected the red bars and conveyed a bearish stance.

@Bleeding_Crypto tweeted his bullish view on the Kaspa token.

After the price retracement from its peak, the KAS token price suffered from declining volume participation and lower buying interest.

The decline in investors’ confidence is due to fear across the market, which led the price to hover close to the 50-day EMA mark.

Kaspa Weighted Sentiment Highlighted a Positive Shift

Following the price rebound, the weighted sentiment data noted an upmove. It lifted to the positive region at the 0.575 mark, highlighting an improved investor outlook for KAS.

Meanwhile, the social dominance curve was projecting the lower investors’ chatter and a declining media buzz on social media platforms.

Funding Rates Looked Negative

The token’s funding rate plotted negatively, noting around -0.0059%. This represented that sellers had to pay a fee to buyers, which was a sign of bearishness.

The Open Interest (OI) data and negative funding rates still looked flat. It noted a change of only 0.90% on the short side. Surprisingly, the short liquidations noted a downtick, whereas the long liquidations saw a positive spike.

The token has witnessed an upward price shift, negative funding rates, a lack of OI, and volume metrics. It meant that the KAS token was not ready for a strong upmove.

If the Kaspa token manages to break the 50-day EMA mark, it could ascend toward the resistance mark of $0.1860. The $0.2000 mark would follow this.

Conversely, if it fails, it may see a decline and retest the immediate support zone of $0.1400. It would be followed by $0.1270 ahead.

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