Kaspa Coin Plunges After 50% Gain in a Month. Is its Bull Run Over?

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Kaspa coin (KAS) plunged 9% today after gaining almost 50% in a month. Is its bull run over?

Kaspa is Facing Increased Selling Pressure

The chart above shows that the asset’s price will likely lose its bullish momentum.

However, KAS’s Moving Average Convergence Divergence (MACD) indicator is above the signal line, with a faded green histogram bar. This shows that the asset has been bullish, and that the bullish momentum is fading.

A red candlestick forms after the green candles, signifying increased selling pressure. Also, the asset’s Relative Strength Index (RSI) is at 68.43, moving away from the overbought zone (above 70). This corresponds with the signal on the histogram bar and the red candle on the chart above.

Conversely, KAS is trading above its 50-Day and 200-Day Simple Moving Average (SMA) with short and long-term bullish signals. This indicates that the coin’s bullish uptrend is likely to last for a longer period.

Kaspa: Support and Resistance Levels

The market situation in the chart shows that KAS has been on a bullish uptrend in the past 7 days. However, the bears are in control today.

In the short period, the asset faces resistance at $0.031659, which it has managed to overcome. If the coin could uphold its position above this resistance level, it could draw more users to KAS’s ecosystem.

Its bull run may resume, bringing new all-time highs within reach. Conversely, if the bears should exert more pressure on SELL trades before the day ends, the coin’s price could plunge further to the $0.02449 level.

While the $0.017059 level may provide support for KAS, it could find little buying support for traders seeking to join the market at lower prices.

Factors That Could Affect Kaspa

A significant new feature, the 10BPS, has gone live and public on the KAS testnet. This 10BPS feature intends to foster matchless transaction speeds of about 10,000 transactions in a second (TPS).

This massive upgrade in transaction speed could revolutionize the Kaspa protocol while it targets more market share from prominent layer 1 protocols like Solana, Cardano, and Ethereum.

The solutions following this new feature on the Kaspa blockchain may attract more investors and traders, triggering increased activities across the blockchain and demand for its utility token, KAS. As a result, KAS could gain value in the market in the long run.

For investors looking for other options, Chimpzee may be the high-rewarding ultimate.

Chimpzee Might Be the Next 100x Coin

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Play-to-Earn Ecosystem

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$CHMPZ Presale

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