Kaspa (KAS) fell 5% to $0.038 on September 11, bouncing back from an uptrend that saw its price rise 22% in a week. However, the bears could put more red candles on the charts as CAS is trading inside an ascending wedge.
Kaspa Its Price May Lose Another 88% in Value
The ascending wedge consists of two converging trend lines that gradually raise the asset value while lowering the price volatility. KAS has been trading in the formation since early April but has not confirmed it as of September 11.
If the token breaches the support line, the subsequent drop may equal the maximum wedge height. It can fix the target at $0.004 or 88% lower than the current value. Meanwhile, the token’s trading volumes increased by 65% against the falling price. It is also possible that this could mean a sale.
Bybit Enthusiasm Has Diminished
Koinfinans.com As we reported, the last 22% rise of the token was due to the new Bybit exchange listing. The announcement was made on September 6 and the listing time was fixed at 10:00 UTC on September 7 for the KAS/USDT pair.
However, the team has made the listing earlier. It probably didn’t make the listing to cause the August drop. On August 2, Kaspa completed its crowdfunding campaign.
“Tier-1 Exchange Crowdfunding for Kaspa has been successfully completed thanks to your tremendous support! More details coming soon,” he tweeted. There was no listing that could disappoint KAS owners afterwards.
The Kaspa team has not released any other fundamental news since then. Therefore, the fall on September 11 BybitIt can be explained by making a profit from the situation created by listing of . Notably, the exchange is currently the third largest KAS market after KuCoin and Gate.io, with 0.69% of the total trading volume at $86,200.
