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.
Market context
We've observed some interesting developments on Kaspa, particularly around the $0.13 level in August. Historically, this has been a key level of support, as we saw back in March. Recently, we've seen it act as support again, especially last week, indicating that this is a key level for the asset.Now, on the higher timeframes, $0.1 to $0.107 is a key level to watch. This is significant because Kaspa has previously found demand at these levels, creating an interesting chart structure with higher highs and higher lows. This is one of the reasons why Kaspa has been a popular asset that we've monitored closely, especially when looking at opportunities within altcoins.
Although we're not invested in Kaspa, it has captured attention. For members who have been accumulating around the $0.1 to $0.09 range, strong historical support was found could be an excellent area to consider building positions. While we aren't certain we'll revisit those prices, this is still a good area to watch for investors looking to reestablish their stance.
Playbook
- A move from $0.1 up to the highs would present around a 100% move, offering a potential 2x return. Beyond that, there could be further upside potential.
- In comparison to other projects, Kaspa has outperformed in this phase of the market, showing resilience and strength.
Key levels
- $0.13 (recent support)
- $0.1 to $0.107 (key support to watch)
- $0.09 (strong historical support)
Risk management
If you're looking to build a position in Kaspa, this area, around $0.1 to $0.09, could provide a solid entry point based on historical support levels. Watch for how the asset responds to these price points before making moves.Cryptonary's take
Kaspa has shown strong behaviour at these key levels, holding its ground even during periods of market weakness. The area between $0.1 and $0.09 looks particularly attractive for accumulation, especially given the potential for a 2x move back to previous highs.While not an asset we're currently invested in, it remains a standout in this cycle and could continue to perform well as the market develops. Stay patient and monitor how these levels hold up before committing to any position.
Recommended from Cryptonary
