Kaspa price displayed a pullback and represented a noteworthy follow-on buying action in the last three trading sessions. Fueled by the increased buying interest and reduced liquidations, the token experienced a rise in its value.
It exhibited a consistent uptrend for the past few weeks and reached the 52-week high cluster last month. Due to the heightened volatility and profit booking in the first half of July, KAS witnessed a slight retracement.
However, the buyers have retained their strength. They are eyeing to recapture the upside zone of the $0.2000 mark in the next few sessions.
Kaspa Price Seems Poised to Outperform
With sustained buying momentum and consistently lifted gains inside a rising channel, the KAS token price has been in an impressive bullish phase for the past few weeks.
Recently, it showed a soft retracement and retested the 50% Fib cluster. This week, it decisively held the gains and respected the zone. From there, a surge of over 12% was recorded in the last two sessions.
Going forward, the improved market sentiments and a fresh bullish wave give a conviction that KAS bulls are showing their interest in resuming the bullish rally ahead.
The ongoing price action implied that the token has continued to form higher high swings and maintained an uptrend. Going forward, the trend is bullish, and buyers have persisted in trying to resume the uptrend.
When writing, the KAS token price was trading at $0.172, up over 5.40%, revealing the bullish cues.
Fueled by the volume buying activity, the token was trying to cross multiple clusters of $0.1730 to exhibit a clean buy signal and may revisit the supply zone of the $0.1800 mark soon.
@Coin_Strategist, in his tweet, mentioned that KAS is trying to cross the clouds. It may trigger a sharp rise soon.
When $kas breaks above the cloud on the 4hr, it likes a pump.😀 pic.twitter.com/FFrTgzpmM5
— Coin_Strategist (@Coin_Strategist) August 13, 2024
Last week, a long rejection wick was placed from the 200-day EMA mark, and a shakeout was observed. Afterward, the KAS token price consolidated within a range and faced the 20-day EMA barrier.
What Do On-Chain Metrics Highlight?
Despite the positive price flow, the sentiment was still unchanged, and the curve dragged below the zero line, representing a minor negative outlook.
Similarly, the social dominance curve showed a decremental move and witnessed a steep decline, which means that the investors are having fewer discussions and conveyed lower user engagement on the media platforms.
Funding Rate Observed a Sustained Uptick
Funding Rate Data Source: Coinglass
For the past three weeks, the token’s funding rate value remained on a positive note and stayed above the zero line, which implied a bullish sign.
Currently, the token’s funding rate value was 0.0074%, representing a positive sentiment among the investors and a sign of bullishness.
Furthermore, the futures Open Interest (OI) increased over 6.30% to $62.54 Million, displaying signs of long buildup in the past 24 hours.
If the token remained above the $0.170 mark this week, a next bullish rally could be triggered, and the token might revisit the supply zone of $0.180 followed by $0.1870 in the short term.
Conversely, if it fails to cross the prompt 20-day EMA barrier, it may remain sideways and hover near the support zone of $0.165, followed by $0.160.