Kaspa (KAS) 2024 Price Outlook Analysis Report
Kaspa Coin Overview (as of August 22, 2024):
- Name: Kaspa
- Ticker Symbol: KAS
- Launch Date: 2022
- Founder/Development Team: Yonatan Sompolinsky and Research Team
- Market Capitalization: Approx. $1.5 Billion
- Circulating Supply: Approx. 20 Billion KAS
- Max Supply: 28.7 Billion KAS
- Listed Exchanges: MEXC, KuCoin, Gate.io, etc.
- Consensus Algorithm: Proof of Work (PoW)
- Official Website: https://kaspa.org
1. Current Market Situation
Market Overview and Recent Trends:
Kaspa (KAS) has emerged as one of the most notable projects in the cryptocurrency market since Ethereum’s transition to Proof of Stake (PoS). Over the past few months, its value has surged more than tenfold. As of August 22, 2024, Kaspa’s market capitalization exceeds $4 billion, with a 24-hour trading volume of approximately $42 million. Having entered the top 20 in terms of market capitalization, Kaspa is expected to reach the top 10 within a year. This indicates that Kaspa is steadily growing and is considered a project with long-term investment potential. However, the price of Kaspa has recently experienced a slight decline of about 1.3% as Bitcoin’s dominance has strengthened.
Bitcoin Dominance and Market Impact:
Bitcoin’s dominance (market share) has been on a steady rise since the end of 2023, reflecting a shift of capital from the altcoin market to Bitcoin. While altcoins like Kaspa may experience temporary price declines under these circumstances, it is anticipated that Kaspa’s price will rebound once Bitcoin’s dominance weakens again.
Chart and Technical Analysis:
Kaspa is maintaining a bullish pattern on the weekly chart, recording higher highs and higher lows. The key resistance level for Kaspa is currently at $0.17. If this level is breached, further price increases are expected. Additionally, the hourly chart shows that the price is moving within a stable range, indicating a consolidation phase.
2. Market Outlook and Price Forecast
2024 Price Outlook:
As we approach September 2024, Kaspa’s price is expected to exhibit high volatility throughout the remainder of Q4 2024.
I predict that during Q4 2024, Kaspa’s price is likely to trade between $0.13 and $0.28.
Kaspa has hovered around $0.15 to $0.16 for an extended period before surpassing $0.20 on July 28, 2024, breaking its previous high. However, it has since entered a downward trend. With Bitmain and IceRiver introducing high-hashrate Kaspa ASIC miners to the market, Kaspa’s network hashrate has surged, and with the fast emission schedule, 85% of the total supply has already been mined and is in circulation. In this context, active trading between existing profit-takers and new investors is expected. Consequently, Kaspa’s price is likely to consolidate around $0.16 for the time being.
Long-term Outlook:
While Kaspa’s price is likely to consolidate near $0.16 throughout 2024, an uptrend is anticipated in 2025. Kaspa has already established a level of organizational efficiency akin to that of professional companies in media, technology development, operations, and fundraising, supported by its rapid price growth. It is projected that Kaspa’s market capitalization could reach $60 billion by 2025, corresponding to approximately $2.26 per coin.
3. Technical Analysis and Key Indicators
Kaspa Weekly Chart:
The weekly chart for Kaspa shows a continuous upward trend, with the price increasing nearly tenfold since May 2023. The key resistance level is currently at $0.165. If this level is breached, further upward movement for Kaspa is expected.
Price Volatility and Risk Management:
Kaspa’s hashrate is rapidly increasing. As profit-taking sales are likely to grow and Bitcoin dominance strengthens, price volatility is expected to increase.
4. Investment Strategy and Conclusion
Investment Strategy:
Kaspa has been consolidating between $0.15 and $0.16 for an extended period, forming a stable base. The likelihood of a significant price drop has diminished due to profit-taking by existing investors and the influx of new investors. Kaspa has established itself as a semi-major coin within the altcoin market. With increasing hashrate and a fast emission schedule, Kaspa’s value is expected to rise gradually.
Kaspa, which has entered the top 20 by market capitalization, remains relatively unknown to many investors. However, the influx of new investors is expected to increase by at least 16-fold after 2024.
It is almost certain that Kaspa’s price will break above $1, and the timing is the only remaining question. It is now too late for individuals to operate Kaspa ASIC miners, and purchasing and holding Kaspa is likely to yield higher returns than mining.
I wish all Kaspa holders great profits!
