Kaspa (KAS) is on the move again – and this time, the breakout looks serious. Over the weekend, crypto analyst Jim (@Ski_Bum) shared a bullish
Kaspa (KAS) is known for its rapid price movements and potential for substantial gains. A crypto analyst has updated his KAS price prediction as the token surges.
Kaspa Price Could Hit $0.70
Technical analysis by Jim (@Ski_Bum) reveals that Kaspa has exited a descending channel, which could signal the beginning of price discovery. The cryptocurrency tagged a key order block around $0.05, leading to a strong bounce.
According to the analyst, Kaspa has now cleared the channel and is aiming for the $0.15 zone, with the potential to reach even higher. In the last major run, the 4.236 Fib extension landed around $0.14, and Kaspa nearly touched $0.20 at the peak FOMO. This time, the same Fib extension indicates a price of $0.70, and if the hype persists, a minimum of $1.00 could be achieved.
However, this pump isn’t just about technical analysis. Kaspa’s “Crescendo” hard fork, which went live in May, is a significant factor. This upgrade introduces a new PoW function, enabling Kaspa to process an average of 1,000 blocks per hour, showcasing remarkable scalability.
This level of scalability, achieved without sacrificing decentralization, has attracted the attention of both miners and investors, contributing to the impressive seven-fold increase in KAS since March.
At present, KAS is trading above the $0.12 mark, indicating that momentum is on its side. If the broader market continues to favor risk-on sentiment, and Crescendo fulfills its potential, the next target for KAS could be the $0.15 level. Subsequently, the focus will shift to whether it can reach the speculative price targets circulating on social media, such as $0.20, $0.50, or even $1.00.
It’s crucial to note that after such a swift move, some consolidation in the Kaspa price is to be expected. The breakout has occurred, and now the market needs to maintain the gains that have been made.
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