Kaspa token, KAS, hiked by over 7% over the last 24 hours, with its trading volume doubling over the same period. The altcoin’s whales seemed to be taking more orders at the press time trading price as volume bubble map data alluded to overheating market conditions.
With the token trading above all its key EMA, could the prevailing momentum be prolonged to test the next swing high at $0.043?
Whale activity supports price rally
According to AMBCrypto’s analysis of Kaspa derivatives data, the network’s trading volume surged aggressively by 158% to $22.28 million. The surge may be notable proof that the latest advance has attracted significantly more market participation.
Meanwhile, the network’s whales have also been making moves. For instance, the recent Futures Average Order Size data showed greater whale orders near the press time price. This hinted at heightened interest from larger traders.
This activity could help sustain the rally if buyers continue to absorb available sell orders. However, whale activity alone does not establish net accumulation, as large orders can also reflect profit-taking or preparations to sell.
Besides, the Volume Bubble Maps can provide some answers too.
Altcoin’s market sentiment has been flashing overheating signals, adding another consideration among the network investors and traders. If buying becomes excessively crowded, KAS could face short-term volatility or a pullback as traders lock in profits.
Where does the price stand?
On the daily charts, KAS was trading above all its key EMAs, strengthening its short-term technical outlook. This positioning suggested that buyers have gained control of the recent price action and may attempt to extend the recovery.
Maintaining, these moving averages as support would help preserve the bullish structure. A sustained hike in volume could further reinforce the move, while a decline below key EMAs might weaken the breakout setup.
Can Kaspa hit $0.043?
The $0.043-swing high would be the next key level to watch. An unmitigated liquidity cluster worth about $11.52 million around the price level highlighted it as a key target for the network bulls.
In case of sustained buying pressure, a hike in whale participation and elevated trading volume could help KAS advance towards this target. However, the overheating signal might raise the risk of a near-term correction. If buyers lose momentum or large holders begin to take profits, KAS could retreat before reaching the target.
All in all, the technical structure seemed to favor buyers, but holding above the key EMAs will be crucial. A sustained breakout could bring $0.043 into focus, while fading volume and greater selling pressure might put the rally at risk.
Final Summary
- Trading volume doubled and whale orders saw significant upside around the press time price.
- KAS has been trading above its key EMAs, but overheating signals raise the risk of a pullback.
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