Kaspa has declined over the past month dropping by 26.49%. Kaspa is experiencing a strong downward momentum risk to hit a six-month low
Kaspa experienced a strong downward momentum risk, hitting a six-month low.Kaspa Over this period, KAS has traded in a descending trendline. At press time, the altcoin was approaching the lower boundary of this channel.
In fact, as of this writing, Kaspa was trading at $0.1265, a 5.21% decline over the past day. The altcoin has dipped by 26.49% on monthly charts, with the extension to the bearish trend by 3.46% on weekly charts. The current market conditions showed that Kaspa is experiencing extremely high negative sentiment, with investors continually closing their positions.Inasmuch, AMBCrypto’s analysis of Market Prophit showed Kaspa was experiencing strong negative sentiment. Market sentiment was negative at -0.0465, and the Crowd Z -score sentiment was at -5.2061.What Kaspa’s charts saySource: TradingView
For instance, its Relative Strength Index has declined to 31, nearing oversold territory. This decline showed that sellers were dominating the market. This strength in downward momentum was supported by the fact that +DI of the Directional Movement Index sits below -DI. So, the downtrend is strong amid potential for continuation of the trend.Looking further, Kaspa’s Long/Short Ratio is below 1 after a sustained decline on daily charts. At 0.66, it suggested that short sellers were dominating, with most traders bearish.Additionally, Kaspa has majorly experienced long position liquidations over the past two weeks.
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