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#Bitcoin bounced from the sweet spot and is close to a new ATH! Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as it’s Unemployment week. Up close to 10% from the sweet spot!
2:30 pm · 29 Oct 2024
PoW project Kaspa (KAS) has struggled with bearishness since hitting the $0.207 all-time high.
The downside accelerated last week as the token plummeted to $0.109 – lows never seen in the past six months.
However, KAS has displayed resilience since the sudden plunge.
The cryptocurrency signals oversold conditions, suggesting imminent uptrends.
Furthermore, Kaspa maintains positive sentiments despite a 30% price plunge (according to Market Prophit data).
The CrowdZ-score sentiment remained positive at 1.269, with the Buzz Score of 0.952.
Further, Kaspa’s crowd sentiment improved to 0.1509.
Source: Market Prophit
That confirms investor optimism about Kaspa’s price actions, with many anticipating imminent gains.
KAS ready for recovery
Technical analysis also supports KAS surges.
The Relative Strength Index climbed from 30.81 to 39 over the past four days.
That confirms increased buyer activity, which would help exhaust the prevailing sellers.
Traders and investors could be dip-buying Kaspa at lower prices before anticipated surges.
Coinglass data backs the upward narrative.
Kaspa’s open interest jumped 2.28% in the past day to $80.53 million.
Furthermore, the positive Long-Short ratio suggests that most traders bet on uptrends.
Also, 77% of perpetual futures accounts executed long positions as they anticipated potential upswings.
Lastly, the Weighted Sentiment indicator confirms more positive sentiment among the KAS community.
Such indications show that KAS is on the verge of trend reversals after plunging to the oversold region.
Moreover, broad market sentiment supports upside price movements for cryptocurrencies.
Crypto market outlook
The digital assets space displayed robust bullishness following Bitcoin’s move past $71K.
Experts forecast new all-time highs for the bellwether crypto in the next few sessions.
Data analysis platform CoinCodex predicts new peaks of $76,107 for Bitcoin before October ends.
That would translate to an over 7% price surge from the current values.
Moreover, renowned analyst Michael van de Poppe trusts the upcoming unemployment data will drive BTC to a new ATH this week.
Various factors contribute to the prevailing bullish stance in the cryptocurrency market.
One notable element is the upcoming November US Presidential elections.
Digital assets enthusiasts believe a Trump win might catalyze a bull run.
The Republican leader had positioned himself as a pro-crypto candidate through his campaigns, promising friendly policies to regulate the market and make America a leading hub for cryptocurrency undertakings.
Trump remains the favorite to win the upcoming elections, according to the prediction site Polymarket.
Moreover, the upcoming MicroStrategy quarterly earnings have added to the ongoing optimism in the crypto world.
The company has been on a Bitcoin shopping spree over the past few months, and its shares hit record highs recently, enhancing confidence in BTC.
Positive results from the upcoming MicroStrategy earnings report will enhance trust in Bitcoin.
That would potentially attract institutional and retail traders – a perfect recipe for historic ATHs.
Current KAS price action
The altcoin trades at $0.1182 after losing 2% in the past 24 hours.
Bears dominate the price action, though the improved sentiments signal an impending turnaround.
Source: Coinmarketcap
Solid buyer resurgence would propel KAS towards the resistance at $0.14.
A breakout here would trigger solid moves toward $0.165.
That would translate to a 39.59% surge from the current price.
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