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After making a new all-time high of $0.05293 last week, the Kaspa (KAS) coin price slid on Monday. Despite the recent display of weakness, the price outlook for the proof-of-work coin looks very bullish. At press time, the Kaspa coin is trading at $0.046, declining 1.47% during the first trading session of the week.
On Monday, Bitcoin price dipped below $26,000. However, altcoins seemed unfazed as most of them held their ground against Bitcoin. However, Kaspa underperformed and turned negative. The broader altcoin market outperformed Bitcoin as evidenced by the TOTAL3 market cap, which increased by 2.4%. The positive price action by the smaller capped cryptocurrencies came on a day when Bitcoin fell 0.14%.
The Kaspa blockchain was facing a significant issue, which involved the number of transactions declining due to high network usage. The developers fixed this issue by allowing the network to divide the transaction loads into something that is manageable. This update will keep the blockchain from bottlenecking, which led to significant delays in transactions.
Kaspa Coin currently sits 13% below its all-time high. Earlier in August, Kaspa made headlines after the coin was listed on a major CEX. This listing increased investor interest in the proof-of-work coin. According to Coingecko, Kaspa has a total market cap of $954,846,524 with a circulating supply of 20,803,156,089 tokens.
KAS crypto chart reveals the coin has been performing quite well since August, as it sits 36% above its last monthly lows. A look at the KAS/BTC pair shows that the proof-of-work coin is also up an incredible 40% from its August low against the most valuable digital asset.
As long as the price remains above the $0.043 level, the Kaspa coin price prediction will remain bullish for me. In case of a breakdown below the above-mentioned level, the bears are expected to retest the September lows of $0.033 level.
I’ll keep sharing more coins like KASPA on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 25, 2023, 16:55 BST 16:55