Kaspa Shines as Top Coin, Pepe Rival Hits $6.8 Million Milestone
BlockDAG-based cryptocurrency Kaspa (KAS) is exploding in a market-defying pump that has briefly seen KAS price feature as the only green gainer in the top 50 cryptocurrencies by market cap.
This comes amid growing bullish sentiment surrounding the promising coin.
Many market spectators suggest it could emerge as the successor to Bitcoin and Ethereum due to its impressive technology as it hits a new all-time high.
Well, kaspa just hit new ATH. 0.8$ per $kas imo is totally normal target.
— Vasil (@vasil_alyoshin) July 31, 2024
At the heart of this optimism is the unique BlockDAG blockchain, which effectively solves the blockchain trilemma – positioning Kaspa as a key currency to watch in the year ahead – having never traded in a bull market before and with an incredibly fair launch.
As price action reels from the fresh all-time high, Kaspa is currently trading at a market price of $0.20 (representing a 24-hour change of -0.58%).
This comes after a magnificent +18% bounce off the 20DMA over the past week held strong, fuelling KAS price to hit a new all-time high at $0.208.
On the tail-end of a dramatic push, especially a rally that has defied a wider -3% drawback across the cryptocurrency market, consolidation is now the name of the game.
Kaspa’s price now needs to stabilize and sustain this price level ahead of the next set-up, critically allowing the supportive structure of the 20DMA to play catch up and the RSI to cool off.
Indeed, a closer examination of the RSI indicator reveals significant overheating with a current reading of 71, suggesting that consolidation or even localized retracement could be on the cards.
A retracement move will likely be limited by nearby lower support at $0.1925-$0.195, limiting downside risk in the
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