Summary
TLDR: Kaspa (KAS) price has been declining since mid-February despite overall market growth, leading investors to become pessimistic. Open Interest and Funding Rate have also dropped, indicating further bearishness. Price prediction suggests a potential drop to $0.10 before finding support at $0.11. However, KAS has a negative correlation with Bitcoin, which may allow it to trend upwards if Bitcoin continues to decline. Always conduct your own research before making financial decisions.
Key Points
1. The Kaspa (KAS) price has been trending against the broader market cues since mid-February, leading to a significant wipeout of gains despite the overall crypto market flourishing.
2. Kaspa investors are likely to back down due to the consistent decline in price since mid-February, resulting in a 32% overall correction and a recent decline in Open Interest by 31.5%.
3. The Funding Rate for KAS is also showing a dip, indicating a shift towards negative rates and potential further bearishness in the price.