The proof-of-work (PoW) cryptocurrency Kaspa (KAS) has increased in value by 15% in the last month. Its price has witnessed a 5% uptick in the past seven days amid a general market rally.
It now trends within an ascending channel, and key indicators suggest the possibility of a further uptrend.
Kaspa Eyes More Gains
An ascending channel is a bullish signal formed when an asset’s price moves between two upward-sloping parallel lines. The upper line of the channel acts as resistance, while the lower line serves as support.
KAS began to trend within this channel on July 4, and its price has since grown by 6%. At press time, the 25th largest cryptocurrency trades at $0.18.
Its Aroon Indicator, assessed on a one-day chart, confirms KAS’s uptrend strength. As of this writing, the coin’s Aroon Up Line is an uptrend at 92.86%.
This indicator identifies an asset’s price trends and potential reversal points. When the Aroon Up line is at 92%, it indicates a recent high was reached very recently. A value close to 100% suggests that the asset’s price has moved in an uptrend consistently.
KAS’ high Aroon Up value is a bullish signal, suggesting the uptrend is strong and may continue.
Further, the dots of the coin’s Parabolic Stop and Reverse (SAR) indicator suggest that the bullish presence is significant. At press time, these dots rest under KAS’ price.
Read More: How To Buy KASPA And Everything You Need to Know
An asset’s Parabolic SAR indicator also identifies potential trend direction and reversals. The market uptrends when its dots are placed under an asset’s price. It indicates an asset’s price rises, and the rally may continue.
KAS Price Prediction: Traders Demand More Long Positions
Confirming the bullish trend, KAS’ funding rate across cryptocurrency exchanges remains positive. This means that more traders in its derivatives market are buying the coin with an expectation that its rally will continue than those buying in anticipation of a decline.
If sentiment remains bullish, the KAS’ value may rise to $0.19.
However, if sentiment shifts from bullish to bearish, the coin’s price may fall to $0.17.
The post Kaspa (KAS) Aims to Extend Short-Term Rally as Price Eyes Monthly High appeared first on BeInCrypto.
