- KAS rose 19.54% in seven days and 10.31% in 24 hours.
- Marathon, the largest mining company, has joined the Kaspa mining race.
The crypto market has experienced a downside in the past 30 days. However, Kaspa [KAS] has defied market trends and continued its bullish trend.
At the time of writing, KAS was trading at $0.1757, which is up 10.31% in 24 hours. Likewise, it has risen 19.54% in the last seven days.
According to CoinMarketCapKAS has a market cap of $4.2 billion, which is up 10.35% in 24 hours.
In particular, KAS’s continued growth while other altcoins are experiencing a downside has drawn the attention of the crypto community as to the factors driving this rise.
One notable factor driving KAS’s recent rise is the announcement from the largest crypto mining company: Marathon.
On their official X page (formerly Twitter) they shared about the current investments in Kaspa and stated that:
“Today we announce that we are actively mining Kaspa. Diversification has been critical to our investments in energy solutions and technology innovations, and remains critical in our digital asset computing business.”
Marathon’s announcement is a big deal because the company has only mined BTC since 2010. So with the announcement, KAS becomes the only PoW to have mined it besides BTC.
After the announcement of the marathon Michael Saylor, the world-renowned crypto investor, announced that he is buying KAS. In a tweet on X (formerly Twitter) he said that:
“Take a bite.”
Saylor’s announcement has KAS enthusiasts optimistic Cr7ptopreneur that sharing,
“The only thing more bullish than @MarathonDH announcing they’re mining $KAS is if @saylor himself came out and told everyone he’s buying #KASPA – oh wait, I think he just did that? ??”
What the basic principles of Kaspa indicate
Source: TradingView
AMBCrypto analysis shows that KAS is well positioned for a sustained uptrend. At press time. KAS has an RSI of 65, which is experiencing upward momentum.
This indicates that prices have risen and this trend is likely to continue as there is still room before reaching overbought territory.
Source: Tradingview
Similarly, SMA is showing bullish momentum after falling below prices on June 21. So, over the past five days, KAS has experienced positive market sentiment and upward price movements.
Source: Coinglass
Looking further, our analysis of Coinglass shows that Kaspa has experienced rising open interest over the past seven days. In the past week, it has risen from $40.4 million to $57.15 million. The rising open interest implies that traders are opening new positions without closing existing positions.
Source: Coinglass
Kaspa has also experienced declining liquidations for both short and long positions over the past seven days. In the last 24 hours, the company has experienced a liquidation of $58,000 for long positions and $44,000 for short positions.
Read Kaspa [KAS] Price forecast 2024-25
These low liquidations demonstrate investors’ confidence in the assets, and they hold their positions while new positions are created, resulting in the stability of the current trend.
If positive market sentiment continues, KAS prices will reach $0.192, which is the next resistance level. If KAS experiences a correction, prices will drop to $0.158, which is the next critical support level.