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Kaspa (KAS) Price Eyes All-Time High: Key On-Chain Metrics

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In a previous analysis, BeInCrypto published a bullish forecast for Kaspa (KAS) when the price was trading at $0.14.

Subsequently, it reached a new all-time high of $0.194. Now trading between $0.16 and $0.17, this analysis serves as an update to the previous price prediction.

Kaspa Price Analysis: Bullish Outlook

KAS has experienced a 14% drawdown following Bitcoin’s price correction from $70,000 to $66,000. This moderate decline saw KAS falling from $0.194 to $0.150 before stabilizing between $0.160 and $0.170.

The price has broken below the key support level of $0.171, which is now a critical resistance level to monitor closely. KAS has tested the baseline support (in red) at $0.151 and $0.155, reinforcing this line as a strong support level.

Kaspa Price Analysis. Source: TradingView
Kaspa Price Analysis. Source: TradingView

Despite the recent decline, the price outlook for KAS is not bearish. The price remains above the red baseline of the daily Ichimoku Cloud.

Read More: How To Buy KASPA And Everything You Need to Know

The Ichimoku Cloud is a technical analysis tool that displays support and resistance levels, trend direction, and momentum. It consists of multiple lines. The baseline represents the midpoint of the 26-day high and low prices. It is used to determine trend direction and potential support or resistance levels. All the support levels in the analysis are determined by the baseline.

The daily RSI (in violet) is around 60, which indicates the potential for a price drop if it starts to trend towards 50 or 40, underscoring a bearish trend.

An RSI below its 14-day average, shown in pink, could indicate potential for price appreciation. This could happen if KAS breaks above the $0.171 resistance level, potentially reaching new all-time highs.

Short-Term Holders HODLing: $0.20 Target Within Reach

This indicator segments the total circulating supply of Kaspa based on detention time, tracking the behavior of both short-term and long-term holders.

Analyzing the percentage of supply that has remained inactive for more than 3 months is crucial for understanding holding patterns and market sentiment among different holder groups.

The inactive supply metric for more than three months serves as a barometer for short-term holders’ market sentiment when compared to the inactive supply (%) that has been held for more than one year or two years.

A drop in this metric could signal increased risk, while a rise indicates growing demand from new investors.

Inactive Supply (%) for more than 3 months. Source: Kaspalytics
Inactive Supply (%) for more than 3 months. Source: Kaspalytics

From May to the present, KAS Supply, which has been inactive for more than three months, has increased from 57.18% to 64.43% of the total circulating supply, signifying strong holding behavior from short-term holders.

This strengthens our bullish forecast for Kaspa. We anticipate the price breaking the all-time high and reaching the $0.20 – $0.30 range.

Analyzing the supply that has not been spent for more than one year and more than two years can provide a deeper understanding of Kaspa’s long-term holders’ behavior, especially in the context of recent price declines.

Inactive Supply (%) for more than 1 year. Source: Kaspalytics
Inactive Supply (%) for more than 1 year. Source: Kaspalytics

A slight drop from 21.5% to 21.2% of the total circulating supply. This minor decrease suggests some mid-term holders engage in profit-taking or risk management, but the overall holding pattern remains relatively stable.

KAS Price Prediction: $0.20 or $0.14 Next?

In addition to this, a similar slight drop was observed in the amount of Kaspa that had not been moved for more than two years, indicating profit-taking and risk-mitigation strategies by holders. Specifically, the supply held for over two years decreased from 5% to 4.8% of the total circulating supply, reflecting some level of selling activity among long-term holders.

Read More: Where To Buy Kaspa (KAS): 3 Best Platforms for 2024

Inactive Supply (%) for more than 2 years. Source: Kaspalytics
Inactive Supply (%) for more than 2 years. Source: Kaspalytics

The price of KAS has declined following the overall crypto market correction since June 7. Still, it remains resilient above the key support level, which is the Ichimoku baseline.

Should it sustain a break below this line, it could potentially reverse from a bullish to a bearish trend. In such a case, key support levels would be $0.143, $0.124.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Strategic Move for Trump Family in Crypto

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Energy infrastructure platform Hut 8 Corp has partnered with US President Donald Trump’s sons, Eric Trump and Donald Trump Jr., to launch American Bitcoin Corp.

The company is dedicated to industrial-scale Bitcoin mining and developing a strategic reserve.

All You Need to Know about American Bitcoin

American Bitcoin’s leadership team includes Mike Ho as executive chair, Matt Prusak as CEO, and Eric Trump as CSO. The Board of Directors comprises Mike Ho, Asher Genoot (also Hut 8 CEO), Justin Mateen, and Michael Broukhim.

According to the announcement, Hut 8 holds an 80% ownership stake in American Bitcoin. This follows the contribution of its ASIC miners to American Data Centers Inc., a company formed by investors including the Trump brothers.

Subsequently, they renamed and relaunched the entity as American Bitcoin. As a new subsidiary focused on industrial-scale Bitcoin mining, this move aims for an efficiency of 50+ EH/s (exahashes per second). Meanwhile, Hut 8 remains the key infrastructure partner, consolidating financials under its brand.

Eric Trump, co-founder and chief strategy officer of American Bitcoin, expressed enthusiasm about the collaboration. He also emphasized the synergy between Hut 8’s operational excellence and shared passion for decentralized finance (DeFi) as a foundation for significant future growth.

“…By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” an excerpt in the announcement read, citing Eric Trump.

Donald Trump Jr. highlighted their longstanding commitment to Bitcoin, noting their conviction in Bitcoin personally and through their businesses. He reiterated the opportunity presented by mining Bitcoin under favorable economics and the potential for investors to participate in Bitcoin’s growth through this new platform.

Similarly, Genoot described the launch of American Bitcoin as a pivotal evolution in their platform strategy. By establishing a standalone entity for mining operations, Hut 8 aims to align each business segment with its respective cost of capital. Specifically, they would create two focused yet complementary companies.

Meanwhile, this venture is part of the Trump family’s broader engagement in the crypto industry. World Liberty Financial, the crypto venture linked to the Trump family, recently launched USD1. US treasuries, dollars, and cash equivalents back the stablecoin. The venture aims to facilitate secure cross-border transactions for investors and institutions.

Furthermore, reports indicate that the Trump family is discussing acquiring a stake in Binance.US. This is the American arm of the world’s largest cryptocurrency exchange, Binance. Given the family’s growing involvement in the sector, such an investment could significantly influence the crypto market.

These initiatives reflect the Trump family’s commitment to positioning the US at the forefront of the crypto industry. It also aligns with President Donald Trump’s ambition to establish the US as a global leader in digital assets.

“While people are worrying about the daily price action, President Trump and Eric Trump are building the infrastructure to take crypto to the next level,” crypto investor Gordon noted.

Bitcoin (BTC) Price Performance
Bitcoin (BTC) Price Performance. Source: BeInCrypto

BeInCrypto data shows BTC was trading for $82,199 as of this writing. It is down by over 1.13% in the last 24 hours, unmoved by news of American Bitcoin. However, this could change once US markets open.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Don’t Fall for These Common Crypto Scams

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ZachXBT, a well-known blockchain investigator, recently shared two key “minimum checks” on Telegram to avoid crypto scams.

He emphasized that users must accept full financial responsibility if they take risks in these situations and added that recovering lost funds would be extremely difficult.

Evaluating a Project’s Credibility is Crucial

ZachXBT highlighted two critical scenarios: depositing funds into forked DeFi protocols on newly launched EVM chains and getting scammed by projects with few smart followers on Kaito.

“If you make either of these decisions, it is your own personal choice to risk funds, and I will NOT help you,” ZachXBT stressed.

Many newly launched DeFi protocols on EVM chains are replicas of existing ones. Their teams often do not create original code but instead, fork from established protocols. This process requires minimal technical skills yet introduces significant security risks.

A recent incident highlighted the risks in the DeFi space. The DeFi protocol SIR.trading was reportedly hacked, leading to an estimated loss of $350,000. Despite the project’s documentation promoting it as a “new DeFi protocol for safer leveraged trading,” it acknowledged the risks related to smart contract vulnerabilities.

This case illustrates how new DeFi protocols often become targets for hackers. Additionally, in late March, the DeFi lending protocol Abracadabra suffered a loss of approximately $13 million due to an exploit involving collateralized tokens.

The second situation ZachXBT warned about involves getting “rugged” (falling victim to a rug pull) by projects with few smart followers on Kaito. Kaito is an AI-powered analysis tool that measures real community interest. He advised that checking followers’ numbers and quality is a basic step to avoid falling for projects that use fake engagement or empty marketing hype.

Investor Xero agreed with ZachXBT, stating that Kaito can be a credibility assessment tool.

“Kaito has become an amazing security and reputation tool that I value over others. It can help you identify an impersonator or a new rug project fast. If a 40k+ follower project isn’t connecting with real smart followers, it’s not legit,” Investor Xero commented.

Other Emerging Crypto Scams

In addition to ZachXBT’s warnings, several new scam tactics have recently been flagged.

Investor Jerome warned about a scheme that exploits browsers’ automatic download function to trick users into downloading malicious software.

Another method involves scammers creating and sending small transactions. They would be often as little as 0.001 tokens—using fake wallet addresses that closely resemble legitimate ones. Their goal is to deceive users into copying and pasting the fraudulent address when making future transactions.

Additionally, Microsoft has identified StilachiRAT, a new remote access trojan specifically designed to target cryptocurrency wallets and login credentials.

According to a Chainalysis report, from 2021 to 2024, decentralized finance (DeFi) platforms have been the primary targets of crypto hacks.

Amount of Funds Stolen by Victim Platform Type. Source: Chainalysis
Amount of Funds Stolen by Victim Platform Type. Source: Chainalysis

The report explains that DeFi platforms may be more vulnerable because developers prioritize rapid growth and launch over security measures. This lack of security focus makes them prime targets for hackers.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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This Is How Dogecoin Price Reacted To Elon Musk’s Comment

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Dogecoin has faced a series of setbacks recently, including a failed breakout attempt that led to a decline in its price. This downward movement was further exacerbated by a recent comment from Elon Musk, which cast doubt on Dogecoin’s future. 

However, despite these challenges, the altcoin is showing some signs of recovery, largely driven by long-term holders (LTHs) who accumulate more DOGE at current low prices.

Dogecoin Is Facing Mixed Signals

Dogecoin’s Network Value to Transaction (NVT) ratio has spiked significantly, reaching a three-month high. This suggests that the network’s value does not match the number of transactions, pointing to a possible lack of investor confidence. 

Elon Musk’s recent comment regarding DOGE further fueled the discourse surrounding the cryptocurrency. He clarified that the US government does not intend to use Dogecoin in any form, which led to some negative sentiment. This statement dampened expectations for the coin, although it hasn’t completely derailed its market standing.

Dogecoin NVT Signal.
Dogecoin NVT Signal. Source: Glassnode

The macro momentum of Dogecoin shows signs of stabilizing, as evidenced by the recent spike in the HODLer Net Position Change. LTHs have been actively accumulating DOGE during the recent dip, which indicates strong conviction among these holders.

This accumulation provides a level of support, potentially helping the coin recover and preventing further price declines. The increased position change suggests that LTHs are confident in the long-term viability of Dogecoin despite recent market turbulence and Musk’s controversial comment.

This continued accumulation by LTHs could lead to a floor forming under Dogecoin’s price, providing a buffer against further bearish pressures. As the market stabilizes and sentiment shifts, these holders could become a driving force that will trigger the next upward movement.

Dogecoin HODLer Net Position Change
Dogecoin HODLer Net Position Change. Source: Glassnode

DOGE Price Stumbles, But Can It Recover?

Dogecoin is currently trading at $0.163, with the price just below the support level of $0.164. Over the last five days, the coin has experienced a 16% decline following a failed attempt to break through the $0.198 resistance level. This failure to breach key resistance levels indicates that DOGE may not experience immediate price gains without external catalysts.

Given the current market conditions, it’s likely that Dogecoin will not experience significant declines in the near future. The coin may reclaim $0.164 as support and continue consolidating just below the $0.198 resistance. However, this consolidation could persist until stronger market cues emerge to push the price higher.

Dogecoin Price Analysis.
Dogecoin Price Analysis. Source: TradingView

The only scenario in which this bullish-neutral outlook would be invalidated is if Musk’s comment causes further damage to DOGE’s price. In that case, the meme coin could dip to $0.147, extending its recent losses. A sustained downturn would signal more negative sentiment in the market and potentially halt Dogecoin’s recovery.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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