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Kaspa (KAS) Price Climbs While Market Slumps — Can KAS hit $0.05?

Published August 22, 2023 1:03 PM
Nikola Lazic
Published August 22, 2023 1:03 PM

Key Takeaways

  • KAS Price reached our target at $0.052 at the all-time high
  • A retracement has been seen after an all-time high, but a recovery followed
  • Kaspa integration with NOWPayments is behind the rise
  • Chart analysis points to further upside

In our previous analysis for Kaspa, we projected a price target of $0.052 for the end of its uptrend. As the price reached that target, it started decreasing and fell by 30% from its all-time high.  

However, since it reached $0.036 on August 18, a recovery occurred pushing the price up by 20%. Could this mean that a new upturn has started or has it witnessed the start of a larger descending move in which this recovery is corrective? 

Kaspa didn’t decrease as sharply as the general market did. More so, it made a significant recovery in recent days, unlike the majority of cryptocurrencies which have been struggling to hold back from further downfall. 

Last time we covered Kaspa, the rise was driven by some positive factors but most notably it reached its first milestone – the first major exchange listing. We are going to revisit the fundamentals and see is this recovery is only price action based. 

KAS Price Analysis 

On August 11, we published this price prediction as seen on the chart below, in which we projected another higher high to $0.052 as it was at its ending wave. 

KAS previous prediction

As this was wave 5, a descending move was expected and, looking at the macros, it could have been the start of a large descending move. 

Zooming out on the current price chart, it can be seen that the $0.052 high was reached as the final wave of the highest degree that started back in May. 

KAS current price

Since we have seen a decrease of 30%, recent recovery may indicate the first two larger correction waves are going to take place. But to be sure, let’s examine the ATH structure. 

KAS price prediction

From its all-time high of $0.052 to its August 18 low of $0.036, the wave structure appears to be corrective as we and ABC correction counted. If we were to see the start of the larger descending move this structure should have been impulsive. 

On the other hand, even though the price recovered notably from its August 18 low, the ascending channel was formed around the 0.5 Fibonacci retracement level, showing a correction of the lowest degree count.

This means that another push to the upside is expected but its structure implies that this may be another ABC rather than an impulsive move.

In either case, in the near term, we are likely going to see an interaction with the 0.786 Fibonacci level at $0.0485 or with the 1.618 at the all-time high. 

What’s Behind the Rise?

Unlike the last time, we have seen, this time, there isn’t much excitement to justify the rise as integration with a payment gateway NOWPayments  is the last significant update for Kaspa. 

In line with its mission to bring back the primary cryptocurrency use case – stateless and P2P transactions of decentralized money, NOWPayments sees it starting with commerce. 

“Focusing on industries like gaming, NFT marketplaces, and e-commerce platforms, NOWPayments provides customized API solutions that seamlessly integrate crypto payments. This commitment to personalization ensures that various sectors can embrace crypto practically and realistically with the ability to fit each business model.”

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 user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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