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Investing.com|EditorAmbhini Aishwarya

Published Nov 17, 2023 01:27AM ET

Kaspa (KAS), a relatively new entrant in the cryptocurrency market, has seen a remarkable surge in its value this week. Following its addition to the Coinbase (NASDAQ:COIN) platform, the digital currency's price began to climb from $0.0800 on Sunday, reaching an all-time high, a phenomenon often attributed to the so-called 'Coinbase effect,' which confers a sense of legitimacy to the listed asset.

The momentum continued as Binance, one of the world's leading cryptocurrency exchanges, announced it would list KAS for perpetual trading starting today. This announcement fueled a 15% increase in Kaspa's price within just 24 hours and drove an 80% surge in trading volume between Wednesday and Thursday. The heightened activity suggests that the market is responding positively to the listing, with improved order execution and robust interaction between buyers and sellers.

Despite indicators such as the Relative Strength Index (RSI) suggesting that Kaspa may be overbought, there remains potential for further gains. Analysts predict that if KAS can surpass the $0.1400 mark, it could reach a new range high of $0.1483, presenting an opportunity for long-term investors. Nonetheless, there is also an expectation of a pullback to the 61.8% Fibonacci retracement level at $0.0930 as some investors start to realize early profits.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Written By: Investing.com

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