Kaspa (KAS) Keeps Rising — Here’s What’s Behind the Rally
The price of Kaspa token has reached a new all-time high. Will it continue to rise? | Credit: Shutterstock
Key Takeaways
- Price of KAS continues to rise
- Successful crowdfunding conducted
- ByBit listing secured
- Next crowdfunding is live
- Chart analysis points out more upside above $0.05
Kaspa is a layer 1 platform that secures its ledger by mixing a Direct Acyclic Graph similar to what Hedera, for example, uses — but with a Proof-of-Work consensus mechanism like Bitcoin. It filled the position after the Ethereum transition from PoW to Proof-of-Stake, enabling miners to relocate their resources elsewhere.
Built in this way, it attempts to solve the blockchain trilemma of achieving scalability and security while maintaining decentralization. It has gained a lot of traction since its inception and gained a strong and exciting community in a short period of time.
What’s Behind the Rally?
The price has increased by 1350% since it hit the market and is still on the rise. Its price appreciation can be attributed to a successful crowdfunding campaign for the Tier 1 exchange listing proceeding with the ByBit listing .
By leveraging this strong community, the project has conducted crowdfunding in order to raise capital for a major exchange listing which would bring more liquidity and awareness to the project. The project managed to raise $30,000 in USDT and KAS token contributions ending the campaign on August 2.
Achieving this first major milestone after the platform launch is only the beginning. More exchange listings will follow. The rest of the capital raised will be used to conduct an advertising campaign directed by the exchange, which will further spread awareness about this project.
CCN reached out to Kaspa for commentary but did not receive a reply at the time of publishing.
While the crypto market in general has seen some stagnation and or even declines, the price of KAS has been on the rise, which further propelled FOMO and further price growth.
The next crowdfunding campaign is live and with a goal of $500,000, its aim is to raise funds in order to develop a web browser wallet that would enable users to store their KAS tokens, similar to what MetaMask is for Ethereum.
KAS Price Analysis
The price of the KAS token has been on the rise since May 24, when it fell to $0.012. As it proceeds to recover it then made a breakout from its highly significant descending trendline. This propelled further uptrend trajectory, ultimately leading to a new all-time high of $0.049 made yesterday, August 3.
From its low in May, we have seen the development of a five-wave impulse, and we are seeing the ending wave. Is there more room for the upside?
Zooming into the hourly chart, and counting the sub-wave of the higher degree wave 5, we can see that the price is most likely headed for one more higher high.
We have seen the momentum slowing down with the price structure forming a triangle, but this is most likely wave 4 from the lower degree five-wave impulse that is going to consolidate the price before another push.
The price target for the expected high would be slightly above $0.05 at around $0.052. The completion of this wave would mark the completion of the highest degree impulse, which implies that the same highest degree correction is to be expected.
Conclusion
The price of KAS has been on a continuous rise since May and with some major catalysts like the successful crowdfunding, it propelled the price further, reaching a new all-time high of $0.049. The project has proven to have a strong community that is excited about the project.
More upside would be expected from here for another higher high but that might just be the last one after which we can see the first major correction. On the horizon, other positive catalysts could fuel the token growth even further, potentially arriving just in time to start the next recovery after the expected correction.
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.
