• Kaspa’s price dropped by double digits over the last 30 days
• Several metrics hinted at a trend reversal towards $0.12

The last 30 days were disastrous for Kaspa [KAS] as it shed a substantial share of its value. This might have sparked some panic among investors.

However, a few of the on-chain metrics and technical indicators hinted at a trend reversal. Therefore, AMBCrypto investigated further to find out the viability of bulls taking over. 

Kaspa’s latest bloodbath

KAS investors were having a hard time as the token’s price dropped by more than 25% in the last 30 days. In fact, in the last seven days alone, the token’s value plummeted by over 8%. At the time of writing, Kaspa was trading at $0.11 with a market capitalization of over $2.7 billion.

However, after this massive decline, a few of the on-chain metrics hinted at a bullish trend reversal. AMBCrypto’s analysis of Santiment’s data revealed that KAS’s social dominance increased, reflecting its popularity in the crypto space.

After a sharp decline, KAS’s weighted sentiment slipped into the positive zone – A sign that bullish sentiment around the token has been increasing.

After a sharp hike, Kaspa’s trading volume started to decline. A drop in the metric usually means a trend reversal.

AMBCrypto’s assessment of Coinglass’ data revealed quite a few other optimistic metrics as well. For example, KAS’s Open Interest declined. Whenever the metric falls, it means that the chances of the prevailing price changing are high.

Apart from these, we found that KAS’s long/short ratio started to climb. This suggeste

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Author: Dipayan Mitra