The price of layer-1 blockchain project Kaspa (KAS) has seen renewed volatility this week after a multi-week period of directionless trading. KAS rallied over 20% in the last 24 hours, making it one of the top-gaining crypto assets of the day. The surge comes on the heels of mostly rangebound price action since early January.
After peaking near $0.12 in early December 2023, Kaspa stabilized between $0.10 and $0.11 for several weeks. A breakdown from that trading range resulted in a sharp 21% drop as bears briefly took control. However, bulls quickly reclaimed the reins, spurring a reversal and erasing the coin’s losses.
Also read: Shiba Inu Could Reach $0.01 or $0.001 If 9T SHIB Are Burned Monthly; Here’s When
This recovery sparked two months of volatile sideways trading, roughly between $0.095 and $0.115. Though KAS attempted multiple breakouts above-range resistance around $0.11, sellers kept quashing its momentum each time.
How high can Kaspa go in February?
Having reclaimed its recent range highs, KAS now trades at $0.125. A break above there would mark a definitive shift back into an upward trend.
Supporting this bullish setup, analysis by Changelly suggests an average KAS price of $0.121 in February based on early 2023 volatility. Their model forecasts a monthly low of $0.112 and a high of $0.131. According to CoinGecko data, KAS is up by 28% in the last seven days and 1561% year-to-year.
Also read: Chainlink Whales Scoop Up $50M LINK While Analyst Expects Rejection
So while the recent rally remains young, Kaspa appears primed to capitalize on refreshed upside momentum as long-side liquidity returns following weeks of choppy consolidation.
Credit: Source link