A widely followed crypto strategist is updating his outlook on one soaring altcoin as the broader crypto markets trade sideways.
Pseudonymous trader Credible Crypto tells his 353,600 followers on the social media platform X that proof-of-work cryptocurrency Kaspa (KAS) could face rejection at a key resistance level before continuing its rally.
“Decent reaction on KAS since my last post on it, but we are at a local level of resistance (red) and not seeing impulsive PA (price action) yet, so I think there’s a decent chance we reject here shortly and come back down to build a larger base.
This is preferred because, although I’m loaded up, I know that the longer we spend building a base before the next leg the more sustainable it will be. I’d gladly trade an extra week of consolidation for a more aggressive/explosive rally when it comes. Use this time to accumulate Kaspians.”
The trader’s chart indicates that KAS could decline to around the $0.10 price tag before ultimately soaring beyond $0.16.
KAS hit a low of $0.0321 on August 29th and is trading for $0.125 at time of writing, a 289% gain.
“We basically had a deviation at the range highs, a lot of late longs jumping at the range highs. Now we’re getting a spot sell-off. A lot of stop losses probably waiting right below these lows.
We have a liquidity gap, an empty void. So we probably see a pretty aggressive sell-off right back down to our mid-range, and then lose that – again we have stops probably resting here as well – which sends us right back down to our range lows, to $35,500 where I’ve been looking for a wick.”
Bitcoin is trading for $37,120 at time of writing, up 1.9% in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/salamahin/mim.girl