The cryptocurrency Kaspa has struggled to regain its positive momentum in recent weeks. This week marks the fourth straight week of Kaspa’s bearish trend, with the coin’s price falling by more than 30% over the previous four weeks. Kaspa is now trading at roughly $0.12, down from its mid-February peak of $0.18.
Crypto T, a YouTube crypto analyst, has analyzed the possibility of Kaspa reaching $0.5 by July 2024. With a market cap of $3 billion and a price hovering around $0.13, the analyst suggests that the market might be nearing its floor, offering a favorable risk-to-reward ratio for investing in Kaspa.
The “power law” theory, which draws parallels between Kaspa’s potential price trajectory and Bitcoin’s, suggests that Kaspa is expected to follow a similar path. The “rainbow chart” based on this law suggests that Kaspa could reach $0.5 by July 2024, especially if it touches the orange line on the chart, as it has historically done.
The analyst analyzes Kaspa’s price action, revealing a falling wedge pattern and support levels around $0.123. They suggest breaking above the lower trend line to retest higher resistance levels and improve market sentiment. The upcoming Rust upgrade for Kaspa, which could improve network efficiency and compatibility, potentially boosting its price. Some exchanges may wait for this upgrade before listing Kaspa, enhancing its market position. The increasing hash rate is seen as a positive sign for the network’s security and miner engagement.
Kaspa’s address distribution shows a decline in whales but an increase in smaller holders, indicating a healthy trend toward decentralization. According to the expert, this healthier distribution could help Kaspa maintain and grow its market. While the expert believes there is a good chance Kaspa will reach $0.5 by July 2024, they also advise viewers to do their own research and evaluate market risks before buying.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
