Kaspa price falls below $0.16 as bulls struggle

Kaspa (KAS) price has declined by 4% in the past 24 hours to trade below $0.16 as bulls struggle for upside momentum. Currently KAS trades more than 8% down over the past month and could see further losses if sellers take control.

KAS price bounced after Binance Pool announcement

In early August, Kaspa (KAS) price fell sharply to revisit support near $0.12. The sell-off coincided with a dip in crypto prices, with top cryptocurrencies registering massive liquidations.

However, like most altcoins, Kaspa has managed to rebound off those lows to retest key price areas. For KAS, one of the catalysts for the upside action that saw Kaspa price surge nearly 12% on August 8 was the big news from Binance exchange.

Binance Pool announced support for KAS mining, offering zero fee pools for Kaspa miners. KAS price reaction to the news saw it explode to above $0.17. Nonetheless, the native token of the proof-of-work cryptocurrency is currently hovering below the middle line of the rising channel.

Kaspa price technical outlook

The decline from above the parallel channel’s resistance line earlier in the month also sees the formation of a bearish pennant. The pattern follows the recent downturn and price consolidation between $0.15 and $0.17, which has a symmetrical triangle in place.

Bulls are struggling amid the above outlook, with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators suggesting bears remain in charge. As the chart below shows, daily RSI is downslopping and at 42, while the MACD signals a bearish crossover.

KAS/USD price on the daily chart

The RSI is however not in oversold territory yet, while the MACD hasn’t flipped negative yet.

It means a resurgence across the crypto market may inject fresh optimism that would push KAS higher. In this case, the key levels on the downside are $0.15 and $0.12. Meanwhile, a bullish flip would see bulls target a break to the all-time high above $0.20 reached on August 1, 2024.

Kaspa network developments

Kaspa has unveiled the roadmap for its ‘Crescendo’ hard fork, a key milestone in the PoW blockchain network’s growth.

The roadmap follows the stable release of node software Rusty Kaspa, which has seen increased adoption across Kaspa’s peer-to-peer ecosystem and the mining community.

According to Kaspa lead developer Michael Sutton, preparations towards the deployment of the Crescendo hard fork are on track. When activated, the hard fork will see Kaspa’s block rate increase from 1 block per second to 10 BPS.

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