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Kaspa Price Breaks Resistance to Hit New All-Time High — Is $0.10 Next for KAS?

Last Updated November 8, 2023 12:53 PM
Nikola Lazic
Last Updated November 8, 2023 12:53 PM

Key Takeaways

  • KAS soars and eyes $0.10 after a recent record high.
  • Accurate projections converge with consolidation, indicating imminent volatility.
  • Consolidation phase crucial for KAS’s upward trajectory.

In a remarkable demonstration of market momentum, Kaspa ‘s native token, KAS, has shattered its previous ceiling, soaring past its month-start all-time high of $0.052. Following a brief consolidation period, KAS embarked on a steep ascent, reaching a new record peak of $0.073 on November 4.

This impressive surge aligns with our recent projections, which highlighted the $0.070 to $0.080 range as a pivotal juncture. With this milestone now achieved, the burning question emerges: Is this the prelude to a retracement, or does KAS possess the strength to climb toward the coveted $0.10 mark?

KAS Price Analysis 

In our previous analysis of the KAS token, published on October 20, we accurately predicted its upward trajectory, identifying $0.083 as the potential peak of a five-wave impulse that began its ascent from the October 10 low of $0.041. This prediction has since been realized with remarkable precision.”

$0.080 area a likely target
$0.080 area may be next target

The present KAS chart shows an overshoot of our projected third wave, with the price currently moving through what seems to be a consolidative fourth wave. This prompts the question: Is this the culmination of an exuberant third wave, or is the market preparing for the climax of this bullish phase?

Despite the impressive surge, exercising caution is essential. The RSI indicator on the 4-hour chart hovers near overbought levels, and the stretched price suggests an imminent correction. The market now stands at a pivotal juncture: Will KAS summon the strength for one last push, or is it time for the bears to take control?

KAS Price Prediction

Upon a meticulous analysis of the hourly chart, we observe that the recent uptrend in KAS, which began on October 10, follows a classical Elliott Wave pattern. The current phase potentially represents the culmination of wave 3 at the 1.618 Fibonacci extension, a common endpoint for such a wave.

ABCDE correction
wave 4 anticipated

The continuous upward trajectory, characterized by the absence of significant pauses, supports the idea that we have reached the conclusion of wave 3, paving the way for a subsequent high following consolidation. Our focus now shifts to wave 4, expected to establish a price foundation and likely form a triangular ABCDE consolidation pattern, converging around the $0.065 level.

While a modest increase to $0.083 could precede this consolidation, the broader outlook paints an optimistic picture where KAS flirts with the $0.10 threshold or hovers just below it.

The forthcoming consolidation will provide crucial insights; if it confirms the expected pattern, it would alleviate concerns of an imminent downturn and instead suggest a sustained bullish momentum.

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.

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