While the cryptocurrency market is often volatile, many investors and analysts closely follow the performance of certain altcoins. In this context, crypto strategist Credible Crypto offers his updated views on the altcoin called Kaspa (KAS) at a time when the broad crypto markets are generally trending sideways. shared.
Credible Crypto stated that Kaspa’s recent performance has received positive reactions. However, the analyst pointed to a significant resistance level that Kaspa currently faces, stating that it may be difficult for the altcoin to continue its rally before this level is overcome. Pointing out that the local resistance level indicated in red on the chart has not yet been passed and no rapid price movement has been observed, Credible Crypto suggested that this situation may increase the risk of Kaspa being rejected at this point.
“There has been positive reaction to KAS since my last post, but we are at the local resistance level (red) and do not see a rapid PA (price movement) yet, so I think there is a high probability that we will reject here soon and come back to build bigger foundation. This may be preferable because although I am very full, I know the more time we spend building a foundation before the next stage, the more sustainable it will be. I would happily accept an extra week of consolidation for a more aggressive/explosive rally when appropriate. Use this time to accumulate KASPA.”
NEWS CONTINUES BELOW
Credible Crypto’s preferred strategy is to spend time building a larger base, despite currently being at a level of resistance. The analyst thinks this strategy is important for a sustainable rise.
The trader’s chart shows that KAS could drop to around $0.10 and eventually rise above $0.16. KAS was trading at a low of $0.0321 on August 29 and is trading at $0.125 at press time, up 289%.
The cryptocurrency analyst next examined Bitcoin (BTC). Credible Crypto said BTC would likely drop more than 4% from its current value due to a sudden sell-off.
“We basically had a divergence at the top of the range, with a lot of late long jumps at that top. Now we are faced with a spot sale. He probably expects a lot of stop losses just below these lows.
We have a liquidity gap, an empty gap. “So we’ll probably see a pretty aggressive selloff into our mid-range and then we’ll lose that (again, we’ll probably stop there as well) which will send us back to our low, $35,500, where I expect the wick.”
The leading cryptocurrency is trading at $37,120 at press time.
You can follow the current price movement here.