Kaspa Price Retraces Post All-Time High — Is KAS Positive Momentum Over?
KAS reached a new all-time high but encountered strong sellers pressure. Is a downturn now ahead?
Key Takeaways
- KAS has recently made a new all-time high — close to $0.15
- Strong seller pressure has been seen.
- The Price could have ended its major uptrend.
KAS token has been on a remarkable ascent since October 15, surging by an impressive 265%. Yesterday, November 16, it reached its pinnacle at $0.148, but a rapid descent to $0.12 followed, resulting in a significant 15% wick on the daily chart.
Its last rise was made parabolically and with strong momentum, without consolidations. The abruptness of this climb raises questions about potential resistance and whether it signifies the early stages of a reversal in KAS’s positive momentum.
KAS Price Analysis
After reaching its last all-time high of $0.052 on August 5, KAS made a 37% retracement to $0.033 on September 5. From there, it returned to revisit its highs and started moving sideways and did so for 50 days straight.
Upon reaching the apex of the ascending triangle, a breakout to the upside was made, leading it to its next all-time high, close to $0.15. This last uptrend for KAS started on October 15, and with no signs of encountered sellers, pressure could have been completed.
This is also indicated by the RSI, which reached the overbought zone on November 4 and peaked on November 9 at 90%. But the November 9 high only caused a minor retracement, with the KAS price further headed to the upside for another 87% increase from the November 15 low of $0.079.
Was this the end of its upward trajectory for now?
KAS Price Prediction
Zooming into the hourly chart, we can see that Kaspa’s rise from November 14 is also subdivided into five waves. This indicates that it likely ended or is near completion, especially as we saw it encountering intense seller pressure.
The end of this advancement marked the completion of the higher degree that started from its October 15 low, so we are now primarily expecting a more significant descending move. Measuring with the Fibonacci retracement tool, we came up with a price target of $0.082, where the 0.618 level is.
However, if our count is correct and yesterday’s high was the end of the larger uptrend, we could see the price heading into a sustainable downtrend below $0.082.
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.
