Kaspa Bounces Back After Recent Dip — Is KAS Poised to Achieve a New All-Time High
After touching its all-time high on two occasions and is now once again going up, can we see a new one soon?
Key Takeaways
- KAS token is in a bullish trend, increasing by 16% from its October 11 low.
- Retesting the all-time high area could lead to a breakout above.
- Two scenarios at play, with bullish one taking the lead.
After reaching an all-time high of approximately $0.05 on August 7, the KAS token experienced a subsequent dip, dropping to $0.033 on September 5, marking a 35% decline. This decline marked the onset of another upward trend, propelling the price back to its previous all-time highs on September 20 and subsequently on October 6.
Following a minor retracement to $0.041 on October 11, a rebound has set the price back on an upward trajectory. With these positive movements, the question arises: Could we witness the KAS token breaking the $0.050 barrier and establishing a new all-time high?
KAS Price Analysis
In our prior assessment of the KAS token on September 18, we projected a potential correction, likely unfolding in the classic ABC pattern.
The downward trajectory found its projected target at $0.038, aligning with the 0.618 Fibonacci retracement level, driven by multiple factors. An analysis of the hourly chart revealed an RSI reading of 72%, indicating that the asset was approaching an overbought condition.
Additionally, according to wave analysis, the uptrend observed until September 5 seemed to have peaked, and the current movement appeared corrective in nature, signaling the possibility of an impending downturn.
We observed a descending move, albeit with a variation in the expected correction. Rather than a sharp downturn, it transpired as a sideways drift. The previous uptrend leading to the all-time high concluded with a five-wave impulse, and the subsequent rise from September 5 seemed to mark the initiation of the next phase.
There are two plausible scenarios moving forward. Either the ascent from September 5 to 19 represents the culmination of the larger uptrend, or it serves as the first sub-wave of the upcoming significant upswing poised to establish new all-time highs.
In the former scenario, a more pronounced price decline would have been anticipated, making the latter scenario more credible at this juncture.
In alignment with this perspective, the price may embark on its wave 3, or a higher-degree movement, with the potential for a robust advance toward the $0.07 range initially, and subsequently, $0.082 should it form another five-wave impulse from September 5.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
