Investing.com | Editor Ambhini Aishwarya
Printed Nov 17, 2023 01:27AM ET
Kaspa (KAS), a comparatively new entrant within the cryptocurrency market, has seen a exceptional surge in its worth this week. Following its addition to the Coinbase (NASDAQ:COIN) platform, the digital forex’s value started to climb from $0.0800 on Sunday, reaching an all-time excessive, a phenomenon typically attributed to the so-called ‘Coinbase impact,’ which confers a way of legitimacy to the listed asset.
The momentum continued as Binance, one of many world’s main cryptocurrency exchanges, introduced it will checklist KAS for perpetual buying and selling beginning as we speak. This announcement fueled a 15% enhance in Kaspa’s value inside simply 24 hours and drove an 80% surge in buying and selling quantity between Wednesday and Thursday. The heightened exercise means that the market is responding positively to the itemizing, with improved order execution and strong interplay between patrons and sellers.
Regardless of indicators such because the Relative Energy Index (RSI) suggesting that Kaspa could also be overbought, there stays potential for additional positive factors. Analysts predict that if KAS can surpass the $0.1400 mark, it might attain a brand new vary excessive of $0.1483, presenting a possibility for long-term buyers. Nonetheless, there’s additionally an expectation of a pullback to the 61.8% Fibonacci retracement stage at $0.0930 as some buyers begin to notice early earnings.
This text was generated with the assist of AI and reviewed by an editor. For extra data see our T&C.
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Written By: Investing.com