- Kaspa’s Open Interest has reached an all-time high on the charts
- The price of KAS has surged by 44.03% in the last 30 days
After hitting a low of $0.101 a month ago, Kaspa [KAS] has experienced a strong uptrend, reaching a high of $0.179.
The upward momentum has continued over the last 24 hours, with Kaspa currently trading at $0.171, showing a 10.7% increase in just one day. The altcoin has also seen gains on weekly and monthly charts, appreciating by 4.69% and 44.03%, respectively.
However, KAS is still around 17.48% below its all-time high of $0.2075.
With Kaspa gaining momentum, the question arises – Is Kaspa on the verge of a sustained uptrend?
What does the altcoin’s chart indicate?
According to analysis by AMBCrypto, Kaspa is currently at the end of a strong uptrend, with bullish sentiment prevailing among investors.
The MACD indicator shows a bullish crossover, suggesting a potential continuation of the bullish trend. In the last 24 hours, the MACD line crossed above the Signal line.
Source: Tradingview
Additionally, the Stochastic RSI recently made a bullish crossover, indicating that buyers are now in control of the market.
Increased buying pressure, along with a rise in demand and low supply, is pushing the price of KAS higher.
Source: Coinglass
Moreover, the surge in Futures Open Interest for Kaspa to a new all-time high of $152.5 million suggests that investors are opening new positions in anticipation of further gains.
Source: Coinglass
Furthermore, the long/short ratio for KAS indicates that investors are predominantly taking long positions, signaling bullish sentiment in the market.
What’s next for KAS?
With Kaspa currently in a bullish phase, positive sentiment, and growing investor favorability, KAS could see further gains in the near future.
If current market conditions persist, KAS will aim to break the $0.180 resistance level, potentially reaching $0.184 and moving towards $0.19. In case of a market correction, the altcoin is likely to find support around $0.161.
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