YEREVAN (CoinChapter.com) — Kaspa (KAS) price is up today, rising 15.5% to a record high of $00901. The cryptocurrency’s gains majorly appear due to similar upside sentiments elsewhere in the crypto market, led by Bitcoin’s price rally above $36,000.
Nonetheless, more than one catalyst has supported Kaspas to its all-time high. In this article, we explore why Kaspa, or KAS, is going up exponentially recently.
Kaspa’s Crypto Exchange Listings
On Nov. 2, crypto exchange Poloniex listed Kaspa on its platform. That is in addition to the cryptocurrency’s integration into multiple crypto exchanges throughout 2023, including ByBit and Coinone.
KAS’s price has rallied nearly 75% since the Poloniex news, indicating traders see Kaspa’s expansion across trading platforms as a bullish signal. However, as a note of caution, the rally appears purely speculative if investors’ core reason behind buying KAS is its exchange listings.
Successful Crowdfunding Campaigns
KAS’s price rally on Nov. 9 is part of a broader uptrend that occurred throughout 2023. Notably, the Kaspa token has surged by more than 1,560% year-to-date (YTD). Meanwhile, the rally has laggingly responded to Kaspa’s successful crowdfunding campaigns from August.
Kaspa raised $30,000 from crowdfunding to back its Tier-1 exchange listing on ByBit. This listing brought more liquidity. The platform aims to raise $500,000 to develop a web browser wallet akin to Ethereum-based MetaMask.
KAS Token Price Prediction in 2023 and 2024
From a technical standpoint, KAS stands inside an extremely overbought territory.
Notably, the Kaspa token’s daily relative strength index (RSI) has jumped above 70, a move that has historically preceded sharp price corrections, as shown below.
So, KAS’s further price rallies may take its price to $0.1204 by the end of 2023. Still, the gains won’t stick for too long if the RSI-led correction happens.
Suppose the KAS price drops. Then, its next downside target is $0.0796. More declines due to profit-taking may lead the price further down toward $0.0543, down about 40% versus the current price levels in early 2024.
