An increase in profits on several assets has triggered a slight withdrawal from the cryptography market today. Consequently, the global market capitalization of cryptography has dropped by almost 2% in the last 24 hours.
In the middle of this wider drop, the Kaspa corner of Kaspa became the interpreter out of competition of the day, displaying an impressive 10% gain to become the best winner of the day.
Kas rallies as the open interest jumps
At the time of the press, Kas exchanges hands at a two -month higher $ 0.112. This price wave is accompanied by an increase in open interest in the medal, signaling increased participation of retail and institutional traders.
According to CorciLass, metric is currently at $ 237 million, noting an increase of 16% in the last day. The open interest refers to the number of term contracts or active options that have not been set. It indicates the level of activity of the market and the interest of traders in a particular asset.
When it climbs during periods of price rallies like this, new money tributary in the asset. This trend is a sign that optimistic condemnation around Kas built.
The increased activity of derivatives reinforces the idea that traders could position for more increase, especially since the room continues to challenge a wider weakness of the market.
In addition, the readings of the graph of a Kas / USD day show that the Altcoin firmly holds above the leading expanses A and B of its cloud of Ichimoku, reflecting the bullish feeling among the holders of Kas. These lines form dynamic support levels lower than the price of KAS to $ 0.098 and $ 0.089, respectively.
The Cloud Ichimoku follows the momentum of the market trends of an asset and identifies the potential levels of support / resistance.
When an asset is negotiated above, the price is in a strong upward trend. The area above the cloud is an upper area, indicating that the feeling of the market towards the KAS is positive. If this continues, Altcoin is ready to continue to publish new gains.
Kas Eyes $ 0.118 Breakout – But can it hold the bears?
At its current price, Kas is negotiated just below the resistance formed at $ 0.115. If the purchase activity is strengthened, Kas could pierce this barrier and overturn it in a support floor. A successful escape above this level could lead the price of the room to $ 0.118.
However, if profit comes into play, this bullish perspective would be invalidated. In this scenario, Altcoin could fall to $ 0.104. If this level does not hold, KAS’s price can drop more to retest support at $ 0.096.
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