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Kaspa (KAS) Price Prediction – When will KAS hit $1?

Kaspa (KAS) Price Prediction

In recent months, Kaspa (KAS), a proof-of-work cryptocurrency that employs the GHOSTDAG protocol, has experienced a substantial surge in investor interest and market activity.

Kaspa's recent integration into Coinone, a leading cryptocurrency exchange in South Korea, has elevated it to position it among the 33 most valuable cryptocurrencies in market capitalization.

This listing has generated fresh prospects for Korean investors to participate in the Kaspa ecosystem, bolstering its market influence and facilitating its rapid ascension in the market rankings.

The entry of Kaspa into this market has increased its exposure and visibility among potential investors and merchants. Kaspa's growing popularity among the Korean cryptocurrency community is evidenced by the favorable reception it received upon its Coinone listing.

A surge in market rankings and a successful Coinone listing indicate that the token is poised for additional expansion in the future. In addition to developing features including layer 2 solutions and subnetwork support, the project's consensus mechanism establishes Kaspa as a blockchain solution with robust expansion prospects.

There are 21 billion KAS tokens in circulation, representing 71% of the total supply. The current market cap of this coin is $1.8 billion, just below the $2 billion mark. 

Let’s see the upcoming price direction from the KAS/USDT technical analysis:

Kasa (KAS) Bulls Entered A New Trading Zone

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In the weekly chart of KAS/UDT, the price moved higher, followed by a rising trend line, which signals a valid bullish trend. Moreover, the bullish breakout above the 0.0524 key resistance level indicates a new trading zone, which might advance the price in the coming days.

The weekly RSI stays above the overbought area, which might work as a bearish factor for the coin. However, the buying momentum seems solid and a sufficient downside correction in the Q1 of 2024 might be a valid long signal.

As per the current weekly chart, the last candle suggests a bullish overextension and investors might take profits leading to a bearish correction for the coming weeks. In that case, bulls should keep a close eye on the 0.0600 to 0.0400 area from where any bullish sign might appear.

KAS/USDT Bulls Overextended To Fibonacci Extension Level

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In the daily chart of KAS/USDT, the buying pressure is overextended as the recent weekly gain showed a 97% surge from the 0.0501 bottom. In that case, an additional bullish leg might come once the price shows a sufficient bearish correction.

In the weekly timeframe, a bullish two-bar reversal from the 0.4091 support level initiated the upward pressure with three consecutive bullish weekly closes. As a result, the significant buying pressure after a valid candlestick formation might resume once the initial profit-taking is over.

In the volume structure, a solid bottom formation from 0.4073 is seen as the latest high volume level just above this static level. However, the gap between the current price and the high volume level has widened, which could be a temporary bearish factor for this coin.

As the current price is already under buying pressure, investors should wait for a decent correction before jumping into it. As per the latest swing low and high, the 50% Fibonacci Retracement level is at the 0.0701 level. Therefore, if the price exceeds this level, we may find a buying opportunity from the discounted zone.

In the secondary window, the 14-day Relative Strength Index (RSI) shows extreme buying pressure in the market at the current level of 80.00. Moreover, the dynamic 20-day EMA is way below the price, which signals a downside correction as a mean reversion.

Based on the daily outlook of the KAS/USDT, the overall market momentum is bullish and investors might expect a bearish correction in the coming days. In that case, an additional buying opportunity might come from the 0.0701 to 0.0500 area with a valid bullish candlestick formation. In that case, the next target area would be 0.1000 area.

On the bearish side, investors should be aware of the pump-and-dump scheme as an immediate recovery to the bottom could be an alarming sign to bulls.

KAS/USDT Ichimoku Cloud Analysis

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According to the Ichimoku Cloud, the ongoing buying pressure was solid as it came with a bullish breakout above the cloud support. Moreover, the future cloud is bullish, where both cloud lines show upward pressure.

In the indicator window, the MACD Histogram is bullish but unable to make a new high, while MACD signal lines reached the overbought position.

Based on this structure, an immediate bearish correction might come in this pair towards the dynamic Kijun Sen support from where another bullish pressure could come.

On the other hand, a deeper correction and a stable price below the 0.0500 psychological level would come with a bearish cloud breakout. In that case, bears may take the price towards the 0.0200 area.

Is KAS/USDT A Buy?

KAS/USDT has a higher possibility of advancing above the 0.1100 level in the coming days. However, investors should monitor the price carefully as a sufficient downside correction is still pending from the recent pump.

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