Key Takeaways:
- KAS coin pumped to an all-time high but corrected 10%.
- Technicals point to a bullish continuation.
- Crowdfunding campaign propelled the Kaspa token higher.
YEREVAN (CoinChapter.com) – Kaspa KAS crypto price dropped 10% on Aug 3 to reach $0.043 in the European session, reaching an all-time high of $0.048 in the wake of a 250% rally since early June. The technical indicators suggest a possible bullish continuation.
Notably, the KAS coin gave a choppy performance year-to-date. It kicked the year off with a 900% surge from Jan 1 to Apr 2, then shed over 70% of its valuation and started the mentioned second leg up in early June.
Despite the volatility, the MACD oscillator on the KAS token daily chart crossed back to the bullish phase, and the relative strength index returned to the “normal” range. Moreover, the trading volumes spiked on Aug 2, building up for four previous days. Thus, another green candle is likely in the coming sessions.
Meanwhile, the reasons behind the uptrend are noteworthy.
Why did Kaspa KAS price pump?
One of the reasons behind the recent price jump was the crowdfunding campaign. “The Tier-1 Exchange Crowdfund for Kaspa has been successfully completed, thanks to your immense support! More details coming soon.” tweeted the project on Aug 2.
A KAS listing on tier 1 exchange did not follow. However, the coin is available on several large exchanges against Tether (USDT). The list includes KuCoin, Gate.io, Bitget, MEXC, etc.
MEanwhile, as some Kaspa holders compare KAS to Bitcoin, saying it has “real value, just like BTC,” others don’t buy that premise.
I have seen some of the KAS community tout it as a Bitcoin 2.0. That it was “better” and improved. Just an FYI.. $BTC had a fair launch, and there never was (need?) for crowdfunding for listing. I see a centralization point (the bottleneck where “someone” gives the money to list).
read one of the comments.
Controversial crypto personality Ben Armstrong also commented on the KAS coin, saying it is a “promising” project. Given his reputation for shilling other projects, the mention might not do Kaspa any favors.
Looking into KAS and seems promising. Checking out on the channel as we speak. Would love to see them on a Tier 1 exchange. Maybe CoinMarketCap could fix their ranking.
he said.
The influencer’s mentioned ranking mistake refers to a fluke on CoinMarketCap, which resulted in KAS ranking #209 at a market cap of $900 million. Meanwhile, CoinGecko ranks the token at #48 with the same market cap.
