Kaspa (KAS) recorded a major surge recently, with the altcoin trading above its $0.0357 resistance – An important point of interest that has been highlighted before in a previous analysis.
The cryptocurrency has become more active with higher decentralized-exchange trading volume and derivatives trading positions. Kaspa’s DEX volumes grew by 113% and Open Interest increased 19%.
Breakout setups are strengthened by trading activity
The DEX network volume soared up to $1.4 million. The number of participants is increasing, which means that if the break-out becomes successful the movement will be given even more credence.
Kaspa’s Open Interest has also improved in terms of sentiments. Open Interest of KAS rose by 19% at $1.7 Million, indicating that positions increased as the KAS token reached its resistance level.
The number of whale order also grew significantly. According to the Kaspa Spot Average Order Size data, whale orders have increased at the trading level of press time.
The markets seemed to be in a stalemate. depicting heating conditions As per the Kaspa spot volume bubble map as well.
Can KAS ever break the $0.0357 mark?
The next test on the daily chart was clear. KAS needs to close at or above $0.0357 in order to confirm bulls’ success.
If bulls close above this level, and continue to push further upwards in their favor then the resistance level will be the support level for price movement toward the next crucial level of $0.042.
The increase will be approximately 18% over the previous press time trading price. Failure could trap KAS beneath the resistance and expose it to possible falls below its previous levels.
KAS is dependent on a better technical set-up, increasing DEX volume, and higher open interest, spot market participation, as well.
Final Summary
- KAS is trading near the flag resistance of $0.0357, which was previously identified as the key hurdle for the token to break out.
- Network’s DEX Volume and Open Interest both increased significantly. This suggests a stronger market ahead of a breakout attempt.
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Source: ambcrypto.com
