KAS surged nearly 28% in the last 24 hours as it attempts to escape the downtrend that has plagued it since December.
Kaspa (KAS) reached an intraday peak of $0.074, pushing its market capitalization to nearly $2 billion earlier today, with daily trading volume almost doubling to $188 million at the time of writing.
Today’s upswing is significant, occurring after a prolonged downtrend, during which KAS recorded lower highs and lower lows since its peak of $0.188 on December 9 of last year. The altcoin remains 68% below its all-time high, a level last seen in early November 2023.
The primary driver behind today’s gains stems from a recent classification by a prominent crypto data aggregator, which added KAS to its “Made in America” category. This development has sparked interest among investors, as speculation grows within the crypto community that the current U.S. administration, led by President Donald Trump, may eliminate capital gains taxes on U.S.-based crypto projects.
Another significant factor contributing to Kaspa’s recent rise is the encouraging progress of its Crescendo upgrade, which is currently in the testing phase.
According to an official post from March 10, Kaspa’s Testnet 10 has successfully scaled to 10 BPS, a substantial increase from the 1 BPS on the mainnet. This milestone keeps Kaspa on track to meet its scalability objectives.
Additionally, community members have pointed out Kaspa’s low transaction fees, which enable cost-effective transfers of millions between wallets. These fast and economical transactions may be attracting more interest in KAS and could be influencing its current price trends.
The rally also coincides with a positive shift in social sentiment regarding KAS, which has turned bullish, as indicated by recent data showing most discussions around KAS are optimistic.
KAS Price Overview
Technical indicators indicate a bearish outlook for KAS. Its Relative Strength Index is below 50, while the Moving Average Convergence/Divergence (MACD) is also under 0.
Moreover, the Supertrend indicator has also turned red and is positioned above the price level, confirming that the market is still experiencing pressure from bearish trends.
If these bearish conditions continue, KAS’s price might retreat back to the support range of $0.048 to $0.057, a critical support level historically.
That said, a robust breakout above the descending resistance trendline established since December 9 could signal a bullish reversal, invalidating the current bearish scenario.
At the time of writing, KAS was trading at $0.067 per coin.
Disclosure: This content does not constitute investment advice. The information and materials presented on this page are intended for educational purposes only.