17 Nov 2023 Josphat Kariuki
Kaspa Skyrockets 50%, Due To Rumors Of Binance Listing
The entire market cap of the cryptocurrency business has increased by more than 5%, indicating a tremendous upsurge in value. Meanwhile, Kaspa's (KAS) price has increased by more than 47% in the last day, outpacing the industry as a whole.
The news of possible expansion in the Bitcoin cloud mining phenomenon caused a sharp spike in the price of Kaspa. In addition, KAS's interface with the OKX wallet will be developed, and a $1 million airdrop is planned in the next few days.
For a short while, the KAS price was observed to be moving inside a closed range between $0.04559 and $0.05325. In addition, the price showed poor price movement even though the market saw a price pump in October. November got off to a good start as the price managed to break out of the upper tier.
The coin had significant price movement after that and reached a new yearly high. The price then saw a decrease of more than 10% when the Kaspa coin was rejected at $0.09732.
After regaining momentum, the price of Kaspa burst through the resistance level and kept rising in value. The price was rejected at $0.13701 not too long ago, and it is getting ready to test that level again soon. It is unclear how this will turn out.
A rising green histogram on the MACD shows significant continuous buying and selling strength. In addition, the chart's averages display a steady increase, indicating that the price will likely keep rising in the days to come.
Source: TradingView
The KAS price will pick up steam and is ready to challenge its upper resistance level of $0.1500 in the near future if the bulls can take it above the barrier level of $0.13701. If the price stays there, it will pave the way for Kaspa to try testing its resistance level of $1.72 in the near future.
Conversely, if the bears overwhelm the bulls, the price will lose steam and drop to test the $0.11621 support level shortly.
Furthermore, the KAS coin will continue to lose value and get ready to test its lower support level of $0.09732 in the upcoming weeks if the bears maintain their dominance over the market.
Within five days of going live on the Coinbase platform, a newly listed currency can increase in value by 91% on average; Kaspa has increased by roughly 67% since the low of $0.0800 on November 13. Getting listed on the biggest cryptocurrency exchange in the world based on trade volume is a sign of credibility.
Trading volumes have increased by 80% in the meantime, suggesting that buyers are very interested in the asset because higher trading volume is typically associated with rising prices or an upward trend. As KAS starts trading on Binance on November 17, it also suggests increased liquidity, improved order processing, and a more active market for bringing a buyer and seller together.
Kaspa's future price
A fall to the 61.8% Fibonacci retracement appears imminent as investors take advantage of early profits as the Coinbase impact fades. The Relative Strength Index (RSI), which indicates that KAS is significantly overbought, concurs with this prediction.
Nonetheless, since there may still be some upside potential in the price, investors holding long positions in KAS would want to think about keeping their orders open. On the other hand, late investors might want to stay out of the market because it could be dangerous to make any more long token entries.
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