Market
Kaspa (KAS) Turns Bullish, Eyes All-Time High Next
Kaspa’s (KAS) price has gained bullish momentum on both the four-hour and daily timeframes.
On the 4H chart, Kaspa (KAS) has broken above the Ichimoku cloud, indicating a strong upward trend. On a daily basis, Kaspa (KAS) has broken above the Ichimoku cloud, a very bullish sign given the cloud’s significance.
Kaspa Price Analysis
The KAS price has gained bullish momentum on both the four-hour and daily timeframes. Here are the key observations:
Bullish Breakout on 4H Chart:
KAS/USDT has broken above the Ichimoku cloud on the 4-hour chart, indicating a strong upward trend. The key resistance level to watch is $0.150, and the key support level to monitor is $0.143.
The 4-hour RSI is at 74.54, indicating overbought conditions. This suggests the price might see a short-term pullback or consolidation before potentially continuing its upward trend.
Read More: How To Buy KASPA And Everything You Need to Know
Significant Daily Breakout:
On a daily basis, KAS has broken above the Ichimoku cloud, which is a very bullish sign. The daily Ichimoku cloud is more significant and sensitive to price movements than clouds on lower timeframes.
Moreover, the price has broken through the baseline plateau at $0.143, which is a very bullish sign. The resistance level to watch is $0.150, corresponding to an important flat Ichimoku baseline. The support level to monitor is $0.143, which is also a significant flat Ichimoku baseline.
The daily RSI is at 67.85, nearing overbought conditions. This indicates strong bullish momentum but also signals that the price might slow down or consolidate soon.
Potential for Price Reversal:
A retest of the $0.143 support level could lead to a price reversal. If the price fails to hold this support, it could penetrate the 4-hour Ichimoku cloud to the downside, signaling a potential bearish shift.
Monitoring KAS Trend Continuation:
Continued bullish momentum is confirmed if the price remains above the Ichimoku cloud and the key support levels.
Watch for consolidation or pullbacks at the resistance levels to assess the trend’s strength. Monitoring these levels is crucial for traders and investors who want to be exposed to Kaspa’s price performance.
The Ichimoku Cloud, also known as Kumo, is a comprehensive technical analysis tool that helps traders identify trends, support, and resistance levels, and potential reversal points.
Baseline: This is the midpoint of the highest high and lowest low over the last 26 periods. It is a key indicator of medium-term price movement and potential support or resistance.
Flat sections of the Baseline line, known as plateaus, represent important support or resistance levels. These plateaus occur because the market has spent significant time at these price levels, indicating strong buying or selling interest.
Strategic Recommendations
To capitalize on Kaspa’s bullish outlook, monitor the key resistance level at $0.150 and leverage the Ichimoku cloud signals. Remaining above the cloud on both the 4-hour and daily charts suggests continued upward momentum.
Evaluate RSI conditions for potential short-term pullbacks, which could present buying opportunities, and stay updated with market news that might fuel the bullish trend.
Read More: Kaspa (KAS) Price Prediction 2024/2025/2030
Conversely, watch the support level at $0.143 closely; a break below this level could signal a price reversal and a bearish shift.
In such a scenario, consider exiting long positions, preparing for downside risk, utilizing stop-loss orders to manage potential losses, and confirming trend continuation by observing price movements relative to the Ichimoku cloud and key support levels.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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