Kaspa (KAS) Eyes $0.184 Resistance Amid Bullish Market Momentum

• Kaspa (KAS) has demonstrated a bullish market structure with notable upward momentum.
• Despite the positive trend, the lack of robust buying pressure, compared to earlier in June, could slow down further bullish advancement.
• An increase of 24.6% in KAS in the past week aligns with its bullish trend since mid-May, following the shift of the $0.13 level to a support position.

Kaspa (KAS) showcases a resilient bullish trend despite dwindling buying pressure, signaling potential resistance at $0.184.

Assessing the Bullish Momentum in Kaspa’s Market Structure

Kaspa (KAS) has caught the eye of many traders with its recent 24.6% surge over the past week. Since mid-May, the cryptocurrency has maintained an upward trajectory after securing $0.13 as a support level. However, the current trading volume has not matched the intense buying enthusiasm observed in early June, when KAS prices soared from $0.13 to $0.191. At present, the $0.184 resistance level is critical for traders to watch.

The Role of Fibonacci Retracement Levels in Kaspa’s Bullish Trend

Employing Fibonacci retracement levels highlights a healthy upward trend for KAS. The January-February rally, where the price moved from $0.092 to $0.191, provides a basis for plotting these levels. In April, support was tested around the 78.6% Fibonacci retracement level, leading to a price dip to $0.106 as liquidity was sought. The retesting of the $0.13 zone in mid-June resulted in a robust short-term rally, indicated by the daily RSI climbing above the neutral 50 mark. However, the On-Balance Volume (OBV) metric suggests that buying pressure lacks consistency, indicating the potential for KAS to oscillate between $0.191 and $0.13.

Market Heatmap Insights and Future Price Movements of Kaspa

According to data from Hyblock, mid-June saw a significant liquidity cluster between $0.12 and $0.14 being tested and consequently taken out. This development allowed KAS to rise in search of further liquidity pockets. The price region of $0.196 to $0.2 presents as a likely attraction due to its substantial liquidity, slightly above the previous local high of $0.193. This reinforces the hypothesis that KAS might define a trading range in the near term.

Conclusion

In summary, while Kaspa (KAS) exhibits a strong bullish trend, the intermittent buying pressure suggests a possible stabilization within a defined range. Investors should monitor key resistance levels around $0.184 and liquidity zones at $0.196 to $0.2 to gauge future price movements accurately. The KAS market remains poised for potential growth, contingent on maintaining sufficient momentum and trading volume.