As of October 30, Kaspa’s (KAS) coin price was trading 50% below its all-time high. Today, however, the altcoin has gained 8%, partially recovering from those recent losses.

Following this development, several indicators point to the potential for KAS’s price to continue its upswing. Here’s why

Traders Show Renewed Confidence in Kaspa

Kaspa, a project utilizing the Proof-of-Work (PoW) consensus mechanism, reached an all-time high of $0.20 before experiencing a significant price decline. This indicates that many holders took profits from the surge.

Meanwhile, data from Santiment currently reveals that the Weighted Sentiment for Kaspa has turned positive. This metric reflects market participants’ perceptions of the cryptocurrency. Further, a positive reading indicates that the majority of comments surrounding the project are optimistic. Conversely, a negative sentiment suggests a prevailing belief that the price may not rise.

With the current positive sentiment, it appears that bullish attitudes towards Kaspa could stimulate increased demand. This shift in perception, combined with the recent price recovery, suggests a favorable outlook for KAS in the near term.

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

One of the analysts expressing optimism about Kaspa is Miles Deutscher, who believes that the coin’s price could bounce off its current support level and continue its rally

“KAS is now down -50% from it’s yearly highs, despite being one of the strongest performers for the first half of the year. Now coming down to test a key support level on the weekly.” Deutscher st

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Author: Victor Olanrewaju