Kaspa Still Has a 'Long Way to Go' to Catch Cardano, Solana, and Other Top Altcoins – Here's Why

The KAS price remained relatively calm this week with a modest 2.5% pump, pushing Kaspa above the $0.17 mark.

The price of Kaspa (KAS) has remained relatively calm this week, showing a modest 2.5% pump that pushed Kaspa above the $0.17 mark.

As the broader market recovered from earlier crashes, Kaspa’s performance diverged from the trend, a pattern that has repeated several times during this bull run. YouTuber “Crypto ZX” updated his outlook on Kaspa in this latest video.

Bitcoin’s increasing dominance has partially contributed to Kaspa’s price decline, as funds often flow from altcoins to Bitcoin during such periods.

Since early August, Kaspa has struggled to break through a key resistance level at $0.173, despite multiple attempts. A successful breakout above this resistance could potentially trigger significant price movement.

Technical Analysis and Market Trends

After briefly breaking above its key resistance level (around the $0.17 range), Kaspa failed to maintain the momentum, leading to a pullback. However, the previous resistance level now appears to be acting as support, which could be a positive sign for future price movements.

Overall, Kaspa’s trend is still up on both daily and weekly timeframes. The technical setup is described as strong, with potential for further gains if key resistance levels are breached.

There is speculation that Kaspa’s absence from many centralized exchanges might be due to its smart contracts not being launched yet. While Kraken has included Kaspa in its roadmap, no official listing has occurred so far.

Crypto ZX cautions against directly comparing Kaspa to major projects like Solana, Ethereum, or Cardano. He emphasizes that while Kaspa shows promise, it still lacks the widespread utility and adoption of these larger networks.

Established projects like Ethereum, Solana, and Cardano have built utility and huge community over the years, with extensive ecosystems, many developers, applications, and active users. For instance, Ethereum is a leading platform for decentralized applications (dApps), smart contracts, and DeFi, while Solana is known for its high throughput and low transaction costs.

Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.In contrast, Kaspa is still in its early stages and has not yet developed the broad range of use cases or attracted the same level of developer activity as these other platforms. Crypto ZX points out that Ethereum, Solana, and Cardano have been in development for several years, allowing them to refine their technologies, secure their networks, and build extensive communities.  

He mentions that Kaspa still has a “long way to go” in terms of development before it can reach the level of maturity seen in these other projects. Even though Kaspa’s technology and tokenomics may be attractive to some investors, the project is still in a speculative phase without the proven track record of its larger counterparts.

Read also: Analyst Updates Kaspa Forecast: Why KAS Price Might Be Headed To $10

Crypto ZX acknowledges that some enthusiastic supporters of Kaspa might be overly optimistic about its immediate potential, but it’s important to maintain a realistic perspective on where Kaspa stands in its journey compared to these larger, more established networks.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.

We recommend eToro

The above is the detailed content of Kaspa Still Has a 'Long Way to Go' to Catch Cardano, Solana, and Other Top Altcoins – Here's Why. For more information, please follow other related articles on the PHP Chinese website!