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Altcoin Opportunities

Could it be a KAS three- peat? 

Updated: Aug 15, 2024
Published: Jun 19, 2024
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KAS is also showing unusual strength at the top of its range during this market-wide bleed, which represents strength in these times.

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Hypothesis

This is a very straightforward play. We are looking to capitalise on an asset we have called perfectly for two trades running.

We are looking to capitalise on a pullback into a key level. Due to the Fed staying relatively restrictive, we are potentially looking to range for some time across the board. This is the current stance until new demand catalysts come into the markets.

While assets at the top of their ranges are a sign of strength, it also begs the question: some profit-taking and selling may occur, bringing pricing down into crucial levels of support. This is where we are looking to take our opportunity from

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. We also advise setting a risk tolerance level in terms of capital allocation while trading. Industry standard is no more than 2% of your portfolio at any given time. This means if you are in an open position already, it's advised not to take on more trades, which will lead you to be overexposed. Allow current trades to be settled; there will be more opportunities around the corner.

Technical analysis

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We have traded into a new range and seen some bullish action in and around a key level of interest (LOI), where we will look to capitalise if and when the market pulls back to this price point. This has also provided a lot of buying in recent history for the asset. If we see exhaustion down into this key level, it may provide another swing from the low printed of around $0.10 to the highs in the new bullish context. This LOI falls within an essential 61.8% Fibonacci range.

Play for traders

  • Scenario 1: Consider placing a limit order at our LOI of $0.131600

Risk and reward

We suggest allocating only a small percentage of your portfolio to trades. This may be different if you want to accumulate and build a spot position in this asset. However, if this is a trade, you should stop below.
  • Stop Loss - $0.117668
Take profit By taking profits at the previous swing high of the last trade, as seen below, we would have a very nice risk-to-reward (RR) ratio. This is where TP 1 would be, and we would look to see how selling occurs within context and if it is a level that could potentially break and we could hold through.
  • TP 1: $0.190000

Cryptonary's take

In the last two calls, we have been bang on twice with $KAS, and it's showing unusual strength across the board.

Can we make this move a three-peat with this high-conviction technical set-up on KAS?

Let's see what we get.

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