Breaking Out or Breaking Down: Can Kaspa Hold Its Ground?

• Kaspa is currently trading around $0.09588.
• KAS’s daily trading volume has surged by 50%.

With the mixed sentiment across the crypto assets, Bitcoin, the largest asset, is trading within the $96K range and Ethereum hovers around $1.8K. Among the altcoins, Kaspa (KAS) has registered a spike of over 1%.

The shift toward a sturdy bullish zone could happen after testing a series of crucial resistances. In the early hours, Kaspa traded at a low of $0.09531. The daily high of the asset was noted at $0.104.

At press time, Kaspa traded at around the $0.09588 level, with a market cap of $2.5 billion. Besides, the daily trading volume of the asset is resting at $85.18 million.

Kaspa’s Chart: Signal of Strength or Caution?

Kaspa’s active bullish pressure triggers the price could find and test the crucial resistance at the range of $0.09689. The emergence of the golden cross might strengthen the bullish momentum of the asset, opening the gate to mount toward $0.10 and above. 

If the ongoing momentum of Kaspa takes a turn, it might slip toward the crucial zone at around $0.094. Assuming the asset continues to trade on the downside, it could lose footing and form the death cross, pushing the price to plunge below the $0.09017 mark.

The Moving Average Convergence Divergence (MACD) line of KAS is settled above the signal line. It indicates a bullish sentiment, with a sign of continued upside unless there is a bearish crossover.

Additionally, Kaspa’s Chaikin Money Flow (CMF) indicator, positioned at -0.03, suggests an outflow of capital, the early signs of weakening momentum. Meanwhile, the daily trading volume is up by over 50%.

KAS’s Bull Bear Power (BBP) value of 0.00072 signals the bulls are barely in control of the market. Besides, the daily relative strength index (RSI) resting at 52.75 infers a neutral to slightly bullish momentum.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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