Why Is 'Upside Coming' For Kaspa (KAS) Holders?

Kaspa (KAS) holders may soon witness upward price momentum, according to an analysis by CRYPTO BLOCKS. The technical review highlights a completed five-wave downward structure, signaling a potential market bottom for the crypto.

CRYPTO BLOCKS anticipates a bright future for Kaspa (KAS) holders, predicting an upcoming “upside” in the token’s price trajectory.

A recent technical analysis by CRYPTO BLOCKS suggests that Kaspa (KAS) may have reached its market bottom, setting the stage for an upward price movement. The analysis highlights the completion of a five-wave downward structure, indicating a potential market bottom for the cryptocurrency.

According to the analysis, Kaspa is primed for an upward reversal, promising gains for traders who remain patient. Moreover, key technical indicators, such as Relative Strength Index (RSI) levels and Fibonacci retracement zones, support the bullish outlook for KAS.

Kaspa has recently completed a five-wave downward movement, coming up just short of the $0.147 target. The sharp retracement suggests that Kaspa may have reached its bottom, opening the door for a new upward wave.

If we apply the Elliott Wave theory here, then this could be the third wave, which usually is the longest and strongest in the cycle. Looking at the 4-hour chart, we can see that after completing the third wave, there will be a quick retracement to the key Fibonacci levels, which could offer a new entry point for traders.

Now, let’s take a look at some technical indicators to see what they have to say about Kaspa’s upcoming price action.

On the short-term 1-hour chart, RSI is showing Kaspa approaching overbought levels, which could lead to a slight pullback. However, on the longer-term 4-hour and 12-hour charts, RSI is resetting, indicating the possibility of a bullish recovery.

These longer-term indicators suggest that Kaspa may be preparing for an upward move, especially with the strong market interest, which is evident in the increasing trading volume.

As you can see, being ranked 22nd by market cap, with a value of $3.78 billion, Kaspa is among the top cryptocurrencies out there. With increased trading volume, which signals heightened interest in the token, the bullish outlook is further supported.

The analysis indicates that Kaspa could see a price bounce following the completed five-wave structure and reaching key Fibonacci levels.

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The speaker in the CRYPTO BLOCKS analysis goes on to express optimism for traders, predicting that Kaspa’s next major move will be the third wave, which is expected to bring substantial gains.

As Kaspa resets its RSI and completes its retracement, traders may find an ideal entry point before the anticipated upward wave. With volume surging and technical indicators aligning, Kaspa could be on the verge of a price rally.

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