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Kaspa Price Rebounds Sharply Amid Rising Bullish Sentiment
Kaspa (KAS) has surged more than 40% in the past seven days, reaching an intraday high of $0.061 on Thursday, November 27—its highest level since mid-October. At press time, the PoW cryptocurrency was trading around $0.059, still 48% below its July peak, when its previous downtrend began.
Whale Buying Sparks Rebound
Kaspa’s recent rebound follows renewed interest from whales, which stepped in after the token hit a yearly low of $0.036 just days earlier, potentially forming a bottom.
According to a recent post by Kaspa Builders on X, eight wallets purchased the dip, accumulating over 35 million KAS tokens. The post noted:
“Such buying from large players is often seen as a sign of confidence, potentially influencing market sentiment in the short term.”
The broader crypto market, still affected by fear, may have amplified the impact of this accumulation.
Derivatives Market Activity Strengthens Momentum
Whale accumulation appears to have attracted derivatives traders as well. Data from CoinGlass shows Kaspa’s futures open interest jumped 25% in the past day to $79.2 million. The long-short ratio has also moved above 1, indicating more traders are leaning toward bullish positions.
A strong derivatives market can reinforce positive sentiment among retail investors and help sustain momentum over the short term.
Technical Analysis Signals Potential Upside
On the daily chart, Kaspa has broken out of a descending parallel channel—a pattern formed by lower highs and lower lows contained within two sloping trendlines. Typically, breaking out of such a pattern signals a potential shift from bearish to bullish momentum.
Kaspa’s price remains above the 20-day and 50-day moving averages, suggesting that short-to-mid-term bulls have regained control.
More importantly, the altcoin has broken above a key descending trendline that had acted as resistance since late July. Analysts note:
“Traders may interpret the breakout as confirmation that the bearish phase could be over, potentially opening the door for a new upward trend.”
Kaspa could potentially rally to $0.092, representing roughly 55% above the current price, with no major resistance levels visible on the chart between its current level and that target.
[…] current momentum continues, Kaspa’s 45% weekly climb may extend further, and the latest intraday pullback could simply represent a […]