Future of KASPA!
Hello, fellow traders!
KASPA is nearing to its support zone based on its ATL and swing movements.
If we can confirm the reversal here with the favorable outcome of the election, we might see a swing opportunity to 0.19 or even beyond.
We will also make sure to confirm the reversal first: if the price drops additionally before making its turn, this is not out of ordinary.
My approach mostly contains technical analysis, drawing lines and boxes in the chart. However, I also find understanding the background of the crypto (or any market product in this matter) equally important if not more. So I've done some research about Kaspa, and I've noticed a lot of comments in social media regarding its political stance, security budget issue and such. Here are my thoughts: I do not think these concerns should be overlooked, but I also appreciate the active responses and enthusiasm from the developers, and I think catching people's attention is already a positive part about this crypto.
Among all the cryptos I've traded (besides BTC, ETH, SOL), I think this crypto has some potential even when looked outside of the chart.
Back to the charts, we already see the price has risen by 10% after it touched the zone.
KASPA is nearing to its support zone based on its ATL and swing movements.
If we can confirm the reversal here with the favorable outcome of the election, we might see a swing opportunity to 0.19 or even beyond.
We will also make sure to confirm the reversal first: if the price drops additionally before making its turn, this is not out of ordinary.
My approach mostly contains technical analysis, drawing lines and boxes in the chart. However, I also find understanding the background of the crypto (or any market product in this matter) equally important if not more. So I've done some research about Kaspa, and I've noticed a lot of comments in social media regarding its political stance, security budget issue and such. Here are my thoughts: I do not think these concerns should be overlooked, but I also appreciate the active responses and enthusiasm from the developers, and I think catching people's attention is already a positive part about this crypto.
Among all the cryptos I've traded (besides BTC, ETH, SOL), I think this crypto has some potential even when looked outside of the chart.
Back to the charts, we already see the price has risen by 10% after it touched the zone.
Trade active
I've entered Kaspa.
I think KASPA is worth investing even with the fundamental analysis.
The current market looks promising with Trump in the lead, I think now might be a good time to enter LONG for Kaspa.
I could've waited a little longer to confirm the outcome of the election, that was my bad for not being patient enough but I still feel pretty safe.
Note
There's a silly mistake I made for Kaspa.
I use Binance as my primary source but as you can see, Binance only shows data from last November.
However, Kaspa was first introduced & started trading since 2022.
And when we check the other sources, we see more data in the past.
This significantly affects our analysis and approach on Kaspa.
Despite Kaspa catching a lot of attention from the internet, the price is still struggling to move upwards after rebounding at the support zone.
There's a high selling pressure and this could push Kaspa back to the zone and in worst cases, fuel into an aggressive downtrend.
However, this doesn't change our strategy just yet and I'm still keeping my position.
I just wanted to let you know of the possibility.
I will pay more careful attention next time. But I'm glad to experience this because I learned a valuable lesson!
Trade closed: target reached
Trade closed as price reached the target price of 0.14147.Note
I want to add a final note that Kaspa has a bigger potential.
Reason I exited at 0.14147 is because this is the key level price might react to.
I have a strict rule of 'always set a TP (Take profit) order' to prevent overnight liquidation - and this was why the trade was closed along with other cryptos.
I hope my analysis helped and if you haven't exited already, I hope you make bigger profit.
God bless!
Note
KASPA just passed 0.16 as I write and I think this is no surprise considering how much Kaspa is gaining positive attention in the internet. This crypto deserved some recognition.
I'm thankful for the profit: though I could've earned more if I stayed, this was totally out of my expectation.
Swing trading involves overnight stays which is why having TP order is important, and it was logical to expect some price action in 0.14147 - but I could've also made TP order to exit with 50% instead of 100.
I'm glad to learn a lesson here.
So for those who's still in position, our final exit would be the green trendline.
You may exit whenever you want to.
Happy trading!
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