Kaspa (KAS), a newcomer in the cryptocurrency arena, has experienced a notable surge in value this week, reaching an all-time high. The digital currency’s ascent commenced after its inclusion on the Coinbase (NASDAQ:COIN) platform, with its price climbing from $0.0800 on Sunday. This surge is often attributed to the ‘Coinbase effect,’ signifying a perceived legitimacy associated with assets listed on the platform.
The positive momentum continued with the announcement from Binance, a leading global cryptocurrency exchange, stating that KAS would be available for perpetual trading, effective immediately. This revelation catalyzed a rapid 15% increase in Kaspa’s price within a 24-hour timeframe, accompanied by an impressive 80% surge in trading volume from Wednesday to Thursday. The heightened activity indicates a favorable market response to the listing, with enhanced order execution and robust interaction between buyers and sellers.
While indicators like the Relative Strength Index (RSI) suggest potential overbuying of Kaspa, analysts anticipate further gains if the cryptocurrency surpasses the $0.1400 threshold. This could potentially lead to a new range high of $0.1483, offering an enticing prospect for long-term investors. Nevertheless, a pullback to the 61.8% Fibonacci retracement level at $0.0930 is also anticipated, as some investors opt to realize early profits.