Summary
TLDR: Kaspa (KAS) price is currently trending downwards after a potential recovery, with traders losing money due to liquidations. The Relative Strength Index is bearish, hinting at further drawdown. Price may decline to $0.117 and potentially $0.103, a 17% fall. Technical analysis suggests a bearish outlook, but a bounce back could lead to a breach of $0.145 and a more positive trend. This information is for informational purposes only and not financial advice.
Key Points
1. Kaspa (KAS) price is treading downwards again after exhibiting potential for recovery over the past couple of days. This time, however, the correction could extend, which could be a little further.
2. KAS traders that have been making bullish bets are losing owing to the red candlesticks on the daily chart. Following a 10% correction in Kaspa price in the last 24 hours, many long contracts witnessed liquidation. In just two days, over $404 million worth of long liquidations have been recorded. This might keep traders from attempting another attempt at placing their bets on a price. As is, price indicators are not supportive of a rally anyway.
3. Kaspa’s price is trading at $0.127 at the time of writing after failing to break through the resistance of $0.145. By the looks of it, KAS will halt its decline after tagging $0.117. Should the bearishness remain intense even then, the altcoin could fall to test the next crucial support at $0.103. This would result in a 17% fall for KAS. The Ichimoku cloud also supports this likely outcome. This is a technical analysis tool displaying support, resistance, and trend direction on a chart, which helps traders identify potential market trends. Given the candlesticks are below the cloud, the cryptocurrency will probably stick to its bearish outlook.