With a 90% Rise and New ATH, This Altcoin is About to Enter the Top 20 Cryptos
The post With a 90% Rise and New ATH, This Altcoin is About to Enter the Top 20 Cryptos appeared first on Coinpedia Fintech News
Kaspa’s price reached over 18 cents in the early trading hours and marked a new ATH. Meanwhile, the token appears to be unstoppable as the bulls are utilising all their resources to keep the price elevated and continue to mark new highs. While the broader crypto market is experiencing a drought, can altcoins like KAS, survive the bearish attack after reaching their highs? If yes, then how long can they withstand the heat?
The token has been printing huge candles since the beginning of the month and with this, the daily KAS candle has formed a long-legged Doji candle. It happens after a strong advance or decline and indicates the forces of demand and supply are at equilibrium, which may end up in a trend reversal. The pattern also suggests the price may no longer push in the direction; it was trading, which indicates the sentiments may change very soon.
What’s next for the KAS price? Will bears begin to extract their profit and slash the price hard?
As the pattern suggests, the traders are in a state of equilibrium and hence may wait for further confirmation, which may occur with the price moving above the high or low of the Doji candle. If the price rises, the token may go long; otherwise, short positions may accumulate as the level falls below. Normally, after the long-legged Doji, the price consolidates for a while before a significant breakout. However, the sentiments are bullish and hence, if the Bitcoin price regains levels above $52,000, the market dynamics may change, enabling the KAS price to discover new highs.
With the latest price action, KAS has already flipped popular altcoins like Ethereum Classic (ETC), Stacks (STX), and Cosmos (ATOM) to achieve the 23rd spot. However, the token appears to be chasing Uniswap (UNI) and Immutable (IMX), which may clear the path to entering the top 20 by surpassing Litecoin (LTC). These altcoins are experiencing extreme bearish pressure at the moment and hence, if Kaspa bulls display consistent strength, the crypto may soon make it to the top 20, aiming to enter the top 15.