The cryptocurrency market is showing strength, with Ethereum (ETH) holding around $4,300 after retreating from its recent peak of $4,953. Several altcoins are now signaling potential upside, including Kaspa (KAS). 📈
Kaspa’s price is in the green today, and its chart structure suggests more upside could be on the horizon.
**A Harmonic Pattern Signals Upside Potential:**
KAS shows a Bearish Butterfly pattern on the daily chart. This pattern, despite its name, often delivers a bullish continuation when the CD leg begins to form. Analysts believe this is driven by price action heading into the Potential Reversal Zone (PRZ). The pattern started at point X ($0.1315), dipped to A, rallied to B, and retraced to C near $0.0728.
**Key Resistance:** The daily chart shows a notable resistance around the 200-day moving average ($0.0860). If KAS breaks above this level, it could shift from resistance to support, fueling bullish momentum.
**Potential Upside Targets:**
If bears defend the C-point support at $0.0728 and push forward, KAS could rally towards the PRZ between $0.1508 (1.272 Fibonacci extension) and $0.1755 (1.618 extension). These levels align with the Butterfly completion zone and serve as key targets for short-term upside.
**Further Consolidation:** However, confirmation is crucial – until KAS reclaims its 200-day MA, further consolidation cannot be ruled out.
**Disclaimer:** This article is intended for informational purposes only and shouldn’t be interpreted as financial advice. Always conduct your own research before investing in cryptocurrencies.