Increased profit across multiple assets has caused a slight drawback in today’s crypto market. As a result, market capitalization in the global crypto era has declined by almost 2% over the past 24 hours.
Amid this widespread decline, Caspa’s native Coincas emerged as the standout performer of the day, posting an impressive 10% gain to be the top gain of the day.
The scum gathers when open interest jumps
At press time, the KAS is handed over at a two-month high of $0.112. This surge in prices is accompanied by an increase in open interest in futures in coins, indicating an increase in participation from both retail and institutional traders.
According to Coinglas, the metric currently sits at $237 million, up 16% over the past day. Open profit refers to the number of active futures or option contracts that have not been resolved. It shows the level of market activity and trader interest for a particular asset.
If you rise during such a price increase, new money will flow into your assets. This trend is a sign that bullish beliefs about Kas are being constructed.
Increased derivatives reinforce the idea that traders could rise even further, especially as coins continue to ignore the weaknesses of the broader market.
Furthermore, measurements on the KAS/USD daily chart show that Altcoin holds tightly above the main A and B of its teacher cloud, reflecting bullish sentiment among Kas holders. These lines will have dynamic support levels below the price of KAS at $0.098 and $0.089 respectively.
One-sided cloud tracks the momentum of asset market trends and identifies potential support/resistance levels.
When assets are traded on it, prices tend to be strong bullish. The area above the cloud is a bullish zone, indicating that market sentiment towards KAS is positive. If this continues, Altcoin is ready to continue posting new benefits.
Kas Eyes $0.118 Breakout – But can it hold back the bear?
At current prices, KAS is trading just under the resistance formed at $0.115. If purchasing activity is enhanced, KAS could break through this barrier and flip to the support floor. A successful breakout beyond this level could raise the coin’s price to $0.118.
However, this bullish outlook is void once profits begin. In that scenario, Altcoin could fall to $0.104. If that level is not retained, the price of KAS could drop further to retest support at an additional $0.096.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
