How High Can Kaspa (KAS) Price Go in March?

The month of February was bearish for Kaspa, as it declined by around 40% from $0.13 to a closing price of $0.078.

The price of Kaspa (KAS) has dropped significantly since the beginning of February, moving from a high of $0.13 to trade at around $0.078. It closed February at $0.078, down around 40% from the highs.

This move saw Kaspa break below a key support level that had held since December 2023. It is a 14-month support that is highlighted in purple on the monthly chart. Breaking below this is a strongly bearish signal for Kaspa.

However, the good news is that the bearish move saw the price of KAS retest the broken support, which is now acting as resistance. This move saw the price bounce back up from the $0.05 zone and continue to move higher.

The next major resistance that could come into play is highlighted in blue on the chart at around $0.098. This level saw the price stall on several occasions in February.

If this resistance holds, then we could start to see the price of Kaspa drop towards the next strong monthly support level, which is located at $0.05. This would represent around a 35% dip from March opening price.

A lower low could also be formed if the price manages to close a candle below the weekly support level at $0.064. This level is highlighted in red on the chart below. A weekly candle close below this level could hasten the decline in KAS price to $0.05. However, if the price remains above this weekly support level, then we could continue to see consolidation.

Relative Strength Index (RSI)

The RSI is currently sitting at around 36, which is getting into oversold territory. This could indicate that the bearish move is starting to run out of steam and that we could see a bounce in the near term.

Overall, the technical outlook for Kaspa is bearish in the short term. The price has broken below a key support level and is now testing a strong resistance zone. If this resistance holds, then we could start to see the price drop towards the next strong support level at $0.05.

However, the long-term outlook for Kaspa is still positive. The price has been trending upwards since the beginning of 2023 and is now trading at levels not seen since 2022. This suggests that the bulls are still in control and that Kaspa could continue to move higher in the coming months.

Kaspa price could continue to rise if there is a change in the general crypto sentiment

It is no secret that the crypto markets have been struggling lately. Bitcoin price has stalled at the $50,000 level, and several altcoins have seen strong bearish moves.

This poor market performance has seen the overall crypto market sentiment decline. If this continues, then we could start to see Kaspa price drop. But, on the other hand, if there is a change in the general crypto sentiment and we start to see some positive price action in Bitcoin and the major altcoins, then this could give KAS the right momentum to see such a breakout early. In this case, we could expect a quick spike to around $0.13, the highest price in February. A break above this level could then lead KAS to spike to higher levels. Of course, this would depend on Bitcoin and the general market sentiment.

To conclude, January saw a 10% increase in KAS price, February saw a 40% decline, and March could see further downside and consolidations if the general market sentiment remains negative. Otherwise, if there is a change in the general crypto sentiment and we start to see some positive price action in Bitcoin and the major altcoins, then this could give KAS the right momentum to see a breakout early and for the price to continue to move higher.