Displaying a prominent bull run in motion, Kaspa accumulation phase extends with a 70% surge in volume. With the overhead trendline breakout, $KAS prepares for an explosive 25% rally.
Unlike most top altcoins, Kaspa has maintained a positive trend over the past few months. Ignoring the bearish influence over the broader market, $KAS creates a new all-time high at the $0.20 psychological mark. As the bullish momentum increases, the altcoin eyes a bullish extension.
With a higher high formation and a breakout rally, the $KAS market cap approaches the $20B milestone. So, let’s take a closer look at the breakout event for a clearer buying opportunity.
Bullish Override Undermines Rising Wedge’s Limit
Kaspa has witnessed an 84% YTD growth as it forms a new ATH at $0.2064. Completing a streak of four bullish candles in the 1W chart, the KAS token is up by 28% in the recent upcycle.
Retracing the high and low points in Kaspa with trendlines reveals a rising wedge formation. Although the resistance trendline resulted in many reversals, the recent upcycle broke through. Currently, the altcoin experiences an intraday gain of 3.93% to form a bullish engulfing candle.
The daily RSI line enters the overbought territory, with the recent price jump reflecting a boost in trend momentum. Further, the overbought character hints at a retest of the broken trendline.
In addition, the MACD and signal lines start a clear uptrend after days of uncertainty. The crossover helps the histograms resurface, revealing a surge in underlying demand.
Will The Kaspa Price Hit $1?
Over the last few months, Kaspa has remained one of the few altcoins that has maintained a positive trend with minimal corrections. The support trendline in action proves a strong underlying demand for the altcoin. Further, the bullish breakout unlocking the potential above $0.20 improves the broader sentiment.
According to the Fibonacci retracement levels over the Q2 correction phase, Kaspa is now heading to the 1.618% Fib level at $0.25. Hence, from the current market price, the Fibonacci levels predict a 25% surge in the $KAS price.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
