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    Home ยป Kaspa KAS Hits AllTime High in Price
    Altcoin

    Kaspa KAS Hits AllTime High in Price

    By adminJul. 1, 2024No Comments2 Mins Read
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    Kaspa KAS Hits AllTime High in Price
    Kaspa KAS Hits AllTime High in Price
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    The on-chain price performance analysis of Kaspa (KAS) indicates that traders continue to show strong demand for the altcoin.

    Currently, the relative strength index (RSI) for Kaspa is around 53, showing an upward trend. RSI is a momentum oscillation indicator that measures the overbought and oversold conditions of an asset, ranging from 0 to 100. Kaspa’s RSI at 53 is facing buying pressure from market participants. This indicates that recent price increases are supported by actual demand, which is crucial for maintaining the upward trend.

    As Kaspa recently reached an all-time high, many futures traders have started opening short positions, with recorded negative funding rates at -0.0085%. The funding rate for perpetual contracts is used to bring the contract price closer to the spot price. The negative result indicates an increased demand for short positions, showing that more traders expect the asset’s price to fall.

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    A top analyst shares his predictions for the Bitcoin and altcoin markets
    When the price of Kaspa retraces from its peak, it leads to the liquidation of many long positions. On March 30th, 586,220 such positions were liquidated, reaching a value of $16 million, the highest single-day liquidation amount since March 1st. The sharp increase in long liquidations suggests that many traders betting on the continuous price increase are forced to close their positions when the price unexpectedly drops. This type of market reaction highlights the volatility of Kaspa and underscores the risks associated with trading altcoins.

    Overall, the assessment of the chain indicates that despite recent price adjustments and long liquidations, Kaspa continues to attract strong interest from traders. At the time of writing, the cryptocurrency’s trading price is $0.018, a 24% decrease in the past 8 hours. On the other hand, trading volume has increased by over 40% during the same period.
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