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Displaying a prominent bull run in motion, Kaspa accumulation phase extends with a 70% surge in volume. With the overhead trendline breakout, $KAS prepares for an explosive 25% rally.
With a higher high formation and a breakout rally, the $KAS market cap approaches the $20B milestone. So, let’s take a closer look at the breakout event for a clearer buying opportunity.
Bullish Override Undermines Rising Wedge’s Limit
Kaspa has witnessed an 84% YTD growth as it forms a new ATH at $0.2064. Completing a streak of four bullish candles in the 1W chart, the KAS token is up by 28% in the recent upcycle.
Retracing the high and low points in Kaspa with trendlines reveals a rising wedge formation. Although the resistance trendline resulted in many reversals, the recent upcycle broke through.Currently, the altcoin experiences an intraday gain of 3.93% to form a bullish engulfing candle.
The daily RSI line enters the overbought territory, with the recent price jump reflecting a boost in trend momentum. Further, the overbought character hints at a retest of the broken trendline.
In addition, the MACD and signal lines start a clear uptrend after days of uncertainty. The crossover helps the histograms resurface, revealing a surge in underlying demand.
Will The Kaspa Price Hit $1?
Over the last few months, Kaspa has remained one of the few altcoins that has maintained a positive trend with minimal corrections. The support trendline in action proves a strong underlying demand for the altcoin. Further, the bullish breakout unlocking the potential above $0.20 improves the broader sentiment.
According to the Fibonacci retracement levels over the Q2 correction phase, Kaspa is now heading to the 1.618% Fib level at $0.25. Hence, from the current market price, the Fibonacci levels predict a 25% surge in the $KAS price.