The price of Kaspa (KAS) tried to recover, but moved down again, and this time the correction may drag on. Kaspa (KAS) bulls are now suffering losses against the background of the appearance of red candles on the daily chart. Over the past 24 hours, the coin has lost about 10% in price. BlockDAG Network is shaking up the blockchain industry with its innovative Directed Acyclic Graph (DAG) chain technology. This move coincides with a highly successful presale that has already reached a staggering $12 million, highlighting the potential for significant returns.
Kaspa Red Alert: Technical Indicators Signal Bearish Outlook
Traders betting bullish on KAS are now facing losses due to the red candles on the daily chart. Following a 10% price correction over the past 24 hours, many long positions were liquidated.
In just two days, liquidations of long contracts worth more than $404 million were recorded. This could cool the excitement of traders. However, the Relative Strength Index (RSI), which measures the speed and change in price movements, is bearish. This momentum oscillator is currently below the 50.0 neutral line after failing to break through it and turn it into support.
Kaspa (KAS) Price Forecast
At the time of writing, Kaspa is trading around $0.127, having failed to break through the resistance at $0.145. The fall is likely to stop after reaching $0.117. If bearish sentiment continues after this, the token could test the next major support level at $0.103. This will mean a drop in KAS by 17%.
The Ichimoku cloud also supports this outcome. Considering that the price candles are now below the cloud, the coin is likely to remain bearish. On the other hand, if Kaspa rebounds from the $0.117 support level, it could make another attempt to break above $0.145. This will also allow the price to recover above the 50- and 100-day exponential moving averages, which will likely invalidate the bearish scenario.
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