As a seasoned analyst with over two decades of market experience under my belt, I must admit that the current performance of both Aptos ($APT) and Kaspa ($KAS) has piqued my interest. While the broader crypto market is correcting, these two coins are bucking the trend, which is noteworthy.
Over the past few days, the crypto market has been experiencing a corrective phase. Interestingly, two coins, Aptos ($APT) and Kaspa ($KAS), have gone against this trend. Could it be that these cryptocurrencies will spearhead the rest of the market during the next bull run?
$APT makes steady gains
Since it dipped below a robust horizontal support on October 1st, the APT (APT/USD) price has consistently risen. This upward trend is characterized by successive highs that exceed previous highs (higher highs), and lows that do not drop as low as previous lows (higher lows). As a result, the price has surged over 55%. Currently, the price is contained within an ascending wedge, which typically tends to break downward. However, if the price manages to break out upward, it would be a highly optimistic sign.
$APT faces potential rejection against $BTC pair
In order to be considered a long-term investment, an altcoin (APT) should exceed its Bitcoin pair (APT/BTC). Since it was launched in 2022, APT experienced a significant surge of approximately 374% against Bitcoin in early 2023. However, since that peak, the price has subsequently dropped and lost all those gains.
At present, the APT price is experiencing a significant rebound, rising by 88% relative to BTC since its lowest point. However, a robust level of resistance is preventing the price from rising further, and the Stochastic RSI has just dipped, suggesting that the upward trend in pricing might be slowing down or even reversing.
$KAS has a lot to do to reverse downtrend
Currently, the KAS (KAS/USD) value appears to be continuing its technical decline. Yet, it has just managed to surge above a falling trendline, which could potentially signal a clear shift from the general downward trajectory.
The targets for $KAS over the short term, as shown on the chart above, are marked by Fibonacci levels. To potentially reverse the trend, the bulls of $KAS need to drive the price up to the last Fibonacci level at approximately $0.167. If they can surpass this level, they would have to go beyond the most recent local high at around $0.18 as a bare minimum requirement for a potential trend reversal.
$KAS bounces against $BTC pair
Compared to Bitcoin ($BTC), the price of $KAS shows a distinct downtrend marked by successively lower peaks (higher highs) and troughs (lower lows). Yet, the 0.786 Fibonacci level has acted as support, and we’re witnessing a rebound from this point.
Furthermore, unlike with APT, the weekly Stochastic RSI has recently moved up from its lowest point. If this upward trend persists and surpasses the 25.00 level, it could generate enough price momentum to enable KAS to escape from the descending triangle. The upcoming weeks are particularly important for observing this development.
Read More
Sorry. No data so far.
2024-10-22 15:07