Analysis suggests that KAS could be headed for a significant price drop, potentially reaching a 93% decline if a critical support level is breached. Despite a surge in the number of addresses holding KAS, bearish indicators and a classic head-and-shoulders pattern point towards a potential crash.
KAS has underperformed lately, particularly following a market-wide correction. The asset dropped by 21.92% over the past month and further analysis suggested the decline may not be over yet. At press time, projections indicated that KAS could see a more significant drop on the charts. Some projections even go as far as predicting a potential 93% price crash, if a critical support level is breached.
The number of addresses holding KAS has surged over the last 24 hours, with figures for the same hitting a new record. Data from Kaspalytics revealed that 538,030 addresses now hold at least 1 KAS. Typically, such growth suggests traders are accumulating the asset, often a precursor to price hikes. Worth noting, however, that despite this milestone, KAS has seen a minor price dip of 0.47% over the last 24 hours. A broader analysis of its price action indicated that a bearish trend may still be on the horizon, with further declines contingent on the asset’s ability to hold a critical support level.At the time of writing, KAS appeared ready for a significant price drop as its chart revealed a classic head-and-shoulders pattern. Especially with the price approaching the neckline. The neckline seemed to act as a critical support level, preventing a sharper decline. However, if this level is breached, KAS could see a steep free fall on the charts.Using TradingView’s price range data, the projected drop can be as steep as approximately 93%, potentially bringing the asset’s value down to $0.00795. AMBCrypto’s analysis of technical indicators supported this outlook, confirming that the market may be leaning bearish and the downtrend may eventually materialize.Key market indicators, the Average Directional Index (ADI) and Bull Bear Power (BBP), confirmed a bearish outlook for KAS. The ADI, which measures the strength of a market trend, indicated that the downward direction may be gaining momentum. A rising ADI reflects stronger trend alignment
KAS Cryptocurrency Price Prediction Market Crash Technical Analysis
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