Analysis: why does Kaspa (KAS) lead the Top 100 in profits right now?

Source: CritpoTendencia Original Title: Analysis: Why does Kaspa (KAS) lead the Top 100 in gains right now? Original Link: Kaspa is currently the top-performing coin in the top 100 with the most favorable daily results. At the time of writing, the price of KAS is trading at $0.059, with daily gains of 14%, weekly gains of 48.5%, and monthly gains of 2.7%. It is worth noting that the price rebounded after marking an annual low of $0.036 a few days ago.

What is behind the current movements of KAS?

According to Kaspa Builders, a user of X, large holders of KAS have been quietly accumulating millions of tokens just as many small holders are abandoning their positions.

🚨 Big wallets are buying the dip — aggressively. 🚨

While the market is shaking out weak hands, the top KAS holders are quietly loading up millions of coins.

Looking at the on-chain data in this snapshot:

• Rank #164 wallet: +9,000,000 KAS • Rank #8 wallet: +6,571,183 KAS

Large wallets are aggressively buying on the dips. While the market is shaking off weak hands, major holders of KAS are quietly loading millions of coins.

According to this perspective, during the crash several whales accumulated KAS, and that movement seems to have influenced the subsequent price rebound. Furthermore, recent bullish signals are improving investor confidence.

This behavior is common in other cryptocurrencies, as the crypto market shows a significant recovery today, allowing smaller projects like KAS to have notable rebounds.

It is also worth mentioning that expectations for an interest rate cut in December have notably increased in recent days. According to CME FedWatch, the probability of a 25 basis point adjustment for December is around 85%. This change in the macroeconomic outlook is driving the cryptocurrency market, including KAS.

Analysis of KAS Charts: Key Signals, Resistances, and Supports

The KAS charts show that the cryptocurrency is trying to break out of a downward channel marked since July 2018. Although recent movements are positive, the greater challenge remains to overcome this trend.

Resistances to consider:

• $0.062: the daily maximum and a key resistance level where the price encountered a strong obstacle.
• $0.070: a psychological level and intermediate resistance.
• $0.081: the strongest resistance, whose breakout would imply leaving the descending channel and possibly signal a trend change.

Relevant Supports:

• $0.058: corresponding level to the daily minimum.
• $0.055: EMA 50 level, which acts as an intermediate support.
• $0.050: stronger support and EMA 200 level; losing it could frustrate current attempts to shift the medium-term trend.

The RSI at 46 points shows that the price of KAS is in a struggle between bulls and bears. The upcoming directions are unclear, and it is advisable to closely monitor the mentioned levels.

Important data to consider for KAS

According to CoinGlass, open interest in Kaspa futures reached $79.2 million after a 25% increase in the last 24 hours. It is also observed that the ratio of long positions to short positions exceeded 1, indicating that most traders are leaning towards bullish positions.

The market capitalization of Kaspa surpassed $1.49 billion, placing it among the top 50 largest cryptocurrency projects according to some trackers.

Despite the current levels, the price of KAS is still 70% below its all-time high of $0.207, set on July 31, 2024. It also records annual losses of 60%.

Finally, the price of BTC surpassed $90,000 and the total market capitalization of cryptocurrencies reached $3.1 trillion, triggering a bullish movement. This macro momentum has favored several altcoins like KAS.