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Kaspa (KAS) has been on a roller coaster ride during the past week. The token which was trading at an opening market price of $0.03745 had a brief surge on July 27 before started to crash. It made lower highs and lower lows just above the opening market price (Green zone) until the dawn of July 28.
However, with the building pressure from the bears, Kaspa wasn’t able to stay afloat in the green zone. As such, it started to crash and entered the red zone as shown in the chart. It was in the red zone until the early hours of July 31. During its abode in the red zone, KAS reached its lowest price of $0.03436 on July 30.
The winds of August blew in favor of KAS as it started to gain value. KAS started making higher highs and reached a maximum price of 0.042 today. At press time, KAS is exchanging hands at $0.04175 with a 24-hr trading volume of $ 34,264,902 – an increment of 30.04%.
The above chart shows Kaspa’s behavior since the beginning of 2023. When the overall behavior of KAS is considered, we could say that it has been rising exponentially. The 8:1 Gann line has been a solid support for KAS when it has been rising. Moreover, the 4:1 and 3:1 Gann lines have been a great support for KAS when it has been declining.
Currently, KAS is on the rise and it is testing the 3:1 Gann line. If the Bulls are strong enough, we may see KAS break the 3:1 Gann line and test the 2:1 Gann line. However, in the event that the bears take over, there is a possibility that KAS could crash and reach for support from the 8:1 Gann line.
Since KAS is almost touching its all-time high, there is a possibility that KAS could be sold out in abundance. As such, the effect of a massive sale could take its toll on KAS and its prices could decline. Moreover, the above thesis could be supplemented by looking at the upper Bollinger band where KAS has touched.
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