Kaspa has been experiencing an upward trajectory since the start of the year. It is up more than fivefold this year, trading 647% above its January 1 opening. The technical setup on the daily chart projects a massive move upward for the proof-of-work (PoW) crypto. Here are some reasons why this is possible.

Analysts Bullish on Kaspa

A nuSeveralpto analysts and traders have weighed in on the price activity of KAS, the native coin of Kaspa, a Layer 1 blockchain network. One of them is legendary trader Peter Brandt who believes the cryptocurrency is in a strong bullish trend.

The trader said this in a post of X in response to a request from one of his followers who requested him to express his thoughts on KAS as a prominent technical price analyst. Brandt commented positively about KAS sa,ying, “Definitely in a strong bull trend, up 20-fold in less than a year.”

Definitely in a strong bull trend, up 20-fold in less than a year. It is a POW coin — that is a positive IMO pic.twitter.com/07w4DKgIns

— Peter Brandt (@PeterLBrandt) August 15, 2023

The veteran trader dreinferredom gains posted by KAS so far in the year, adding that being a PoW cryptocurrency might be positive for Kaspa.

Another analyst, goinnamedver Crypto on X, noted that KAS’s hash rate had hit its all-time high of 10.00 PH/S. The trader said that this had “escalated quickly! More than 2x in just weeks!” adding that $1 was on the radar for the Kaspa price, with the bull market price peaking at $5. 

10.00 PH/S for the hashrate of none other than!….$KAS

wow that escalated quickly! More than 2x in just weeks!

Follow the miners…& they’ll take you to the promised land.

$1 is coming sooner than many may think.

$3-$5 peak bull price. LFG!

🔥🚀📈#Crypto https://t.co/pVsdM0G1Vx

— Braver Crypto (@BraverCrypto) August 16, 2023

At Wheniting, KAS price was up 5% in the last 24 hours to $0.040. The gains are significant given the fact that most top capped cryptos like Bitcoin (BTC) and Ethereum (ETH) traded in red at press time, with crypto liquidations amounting to $153 million in the last 24 hours, according to CoinGlass data.

Kaspa Price Trades With Bullish Flag

KAS has been on an uptrend since late May. NotTheice rally started in early June after Kaspa bounced off support from the $0.015 level. FolThespa’s price surged substantially, reaching an all-time high (ATH) of $0.051 on August 6 before declining to the current level. This price action has led to a bullish flag on the daily chart.

This technical pattern is considered highly bullish due to its characteristic structure and its implications for price movements. A bullish flag pattern is a continuation pattern after a substantial price uptrend. It consists of a brief consolidation or retracement phase, which forms a rectangular or parallelogram-like shape resembling a flag on a flagpole.

Once the consolidation phase is completed, the price usually resumes its rd movement, following the direction of the prior uptrend.

KAS/USD Daily Chart

In Kaspa’s case, a daily candlestick close above the flag’s upper boundary at $0.042 will confirm a break from consolidation as KAS breaks free to continue the uptrend. Significant barriers would be found at the top of the flag’s post at $0.051 and later at the $0.060 psychological level.

Above that, the coin could climb to reach the technical target of the governing chart pattern at $0.070. This would represent a 75% climb from the current level as the crypto enters new price discoveries. 

Technical Indicator Suggests Kaspa Was Bullish

Apart from the significantly bullish chart formation, a few other indicators supported the positive outlook for KAS. These included the upward-facing moving averages that were also moving below the price. The demand zone between $0.027 and $0.035 de, fined by the 200-day and 100-day SMAs, respectively, provided relatively strong support areas for Kaspa on the downside. 

In addition, the Relative Strength Index (RSI) was facing upward. This meant that the buyers had begun re-entering the market and were determined to push to increase the price SuperTrend indicator also validated Kaspa’s bullish narrative. This is alar technical analysis tool thatcombinesnd-following and stop-loss techniques, making it a valuable tool for both short-term and long-term trading strategies. Note that this trend-following indicator is above the price, and the green line suggests that KAS’s upward trend will continue.

Flip Side

On the other hand, the position of the RSI in the negative region suggested that the market conditions still favored the downside. As such, KAS could turn down from the current levels if it produces a daily candlestick close below the flag’s support line at $0.038, embraced by the Supertrend’s green line.

Such a move would spell doom for the price causing buyers to retreat toward the SMAs or lower toward the $0.20 support wall.

Kaspa is built on the GHOSTDAG protocol, an expansion of the Bitcoin consensus algorithm. The KAS token serves as the medium for all on-chain transactions and the allocation of mining rewards.

WitTo become the fastest and purest proof-of-work consensus, engengineaspa accomplished a remarkable feat in June. It achieved an unparalleled milestone of 10 blocks per second (BPS) on its testnet, marking a significant point in its history.

While waiting for Kaspa to recover fully, investors could find investment opportunities in new cryptocurrency in presale with the low risk-to-reward ratio and the potential to make 20X returns in 2023. One of them is discussed next.

KAS Alternatives

Launchpad xyz is an exciting new web3 start-up that is building an “all-in-one” platform to help traders navigate the choppy waters of the crypto market, and its presale just hit a significant milestone.

To fund the development of its revolutionary, community-focused web3 platform, the team behind the Launchpad xyz project has been conducting a presale of its native $LPX token, which platform users will need to own if they want access to the network’s premium features and services.

Tired of juggling multiple platforms for cross-chain trades? 😪

Simplify your whole experience with one click at #LaunchpadXYZ

Learn more at https://t.co/ZUZaIKgy84
#Web3 #Crypto #Blockchain #Ethereum pic.twitter.com/xKEKmc16X7

— Launchpad.xyz (@launchpadlpx) August 16, 2023

The presale hit $1.2 million earlier this week and now stands at $1.3 million at the time of writing. 

According to Launchpad XYZ’s Whitepaper, the project will begin launching some of the main features of its platform in Q3 2023, including the Launchpad Feed, Token and NFT Directory, Metaverse Library, and Gaming Hub.

If the platform experiences substantial user adoption, as many observers think it will, this could create significant demand for its native $LPX token.

Visit Launchpad XYZ here, connect your wallet, and buy tour $LPX tokens. 

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• Source: https://insidebitcoins.com/news/kaspas-kas-surge-why-it-could-jump-75-higher