thecoinrepublic.com
Kaspa (KAS/USDT) skyrocketed 18.9% to $0.15276 amid Kraken’s announcement that it would be listing KAS.
According to Kraken, trading for KAS will begin at 14:00 UTC on November 19, though geographic restrictions may apply.
The announcement triggered buying pressure, pushing the price above the upper Bollinger Band and creating excitement among investors.
The KAS community believes that Binance and Coinbase could be next to list KAS.
Kaspa (KAS) Eyes Further Gains Amid Bullish Momentum
The current breakout above the resistance of $0.15140 for Kaspa signifies high demand and more market activities ahead. It also suggests a potential overbought market likely to experience a minor pullback.
The Relative Strength Index is 60.79, which means that Kaspa is in bullish momentum but not yet overbought.
This means that KAS has more potential to continue with the upward move before getting to the 70 mark.
Kas is struggling to break out completely from this resistance level at the upper Bollinger Band. If the price manages to break this level with significant volume, it may target the next resistance at $0.16.
In addition, KAS’s immediate support is at the middle Bollinger Band which is at $0.12278. This level provides strong support in case of any market bearish reversal.
Traders will keenlyobserving these levels in anticipation of the volatility resulting from Kraken’s listing event.
Market Reaction to Kraken Listing
The announcement to list KAS next week has fired the bulls as it boosts the chances of trading volumes and improved liquidity.
Moreover, market sentiment surrounding this announcement has boosted Kaspa’s trading volume to $269.97 Million in the last 24 hours, up by 68.18%.
This is a clear indication that a good number of traders are active in KAS. The overall market capitalization of Kaspa stands at $3.62 Billion, a 13.83% boost after the price rise.
Kaspa (KAS) Recent Developments
Kaspa (KAS) recently introduced the KRC-20 token standard giving smart contracts functionality to its blockchain. Following this mainnet launch, network activity surged.
Notably, Kaspa’s innovative GHOSTDAG proof-of-work (PoW) consensus mechanism managed the increased load effectively.
As the November 19 Kraken listing approaches, market participants are watching closely to see if the increased demand can sustain Kaspa’s upward momentum.