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Kaspa: Assessing altcoin’s $0.13 price target after 37% weekly surge
Kaspa has witnessed a remarkable upswing over the past week, with its price increasing by a staggering 37.5%. The altcoin, which had been experiencing a downward trend in the preceding month, has finally turned the corner and is now showing signs of renewed momentum.
From a low of $0.08 just seven days ago, Kaspa’s price surged to reach $0.112 before settling at its current trading level of $0.11. This substantial increase in value has sent shockwaves through the cryptocurrency market, with many investors and analysts scrambling to reassess their positions and forecast future price action.
At the time of writing, the market is filled with uncertainty and speculation surrounding Kaspa’s potential for further growth. While some are calling a temporary pullback or even a sharp correction, others believe that this rapid ascent may be more than just a fleeting phenomenon.
So, how do we accurately assess the likelihood of KAS reaching its $0.13 price target?
From a technical perspective, it appears as though buyers have taken control of the market. The Relative Strength Index (RSI) has steadily risen from 30 to 51 over the past week, indicating a clear shift in sentiment towards more positive expectations.
Furthermore, Kaspa’s Relative Vigor Index (RVGI), having made a bullish crossover six days ago, has continued to rise, solidifying the notion that upward momentum is currently in full swing.
As we look closer at investor behavior, it becomes apparent that KAS investors are indeed becoming increasingly optimistic. The Aggregated Funding Rate AVG has turned positive and stabilized at 0.0077, suggesting that long positions are now in control.
What’s more, a Long-Short Ratio of 1.648 illustrates the overwhelming sentiment among market participants to take on long positions. This ratio indicates that a significant majority of traders have shifted their stance from bearish to bullish, effectively crowding out shorts and leaving them in disarray.
Lastly, we must consider Kaspa’s growing adoption, ecosystem growth, and favorable market conditions. It is undeniable that the cryptocurrency has become increasingly attractive as more capital flows into it than other assets. This influx of new capital is expected to continue fueling KAS’s upward trajectory, providing a solid foundation for further price gains.
Taking these factors into account, it appears likely that Kaspa will be able to breach its $0.11 resistance and push on towards the coveted $0.13 mark. However, as always, there remains a risk of a temporary correction should market sentiment shift in the opposite direction.
Source: ambcrypto.com
