Kaspa price is receiving positive signals from investors and the market generally supports the rise. The altcoin has a strong chance to reach its monthly high in May, which could push the KAS price to a significant point. Kaspa’s price is increasing, and investors are helping to support this rise. This is likely due to the sudden increase recorded in Open Interest (OI).
What is Happening on the Kaspa Front?
Open interest refers to the total number of outstanding futures contracts, such as options or futures, that have not yet been settled. It is an important indicator of market activity and liquidity, showing the flow of money entering or exiting the market.
In the last 24 hours, OI increased by $6 million, reaching the highest level seen in a single day this quarter. Kaspa noted that the last $6 million inflow into OI was at the beginning of April over a two-week period. This indicates that investors want to make the most of the current opportunity.
Secondly, the broader market shows a clear upward trend in the Relative Strength Index (RSI). The Relative Strength Index (RSI) is a momentum indicator that measures the speed and change of price movements on a scale of 0 to 100. Typically, an RSI above 70 indicates an overbought condition, while an RSI below 30 indicates an oversold condition. Currently, KAS is in the bullish zone above the 50.0 neutral mark but below the overbought threshold. This could provide enough room for the altcoin to grow as it progresses.
Kaspa Chart Analysis
Kaspa’s price is trading at $0.13 at the time of writing, after avoiding the Death Cross earlier this month. The Death Cross is a bearish formation that occurs when the long-term 200-day Exponential Moving Average (EMA) crosses below the short-term 50-day EMA. This can typically result in a correction.
However, KAS has survived this process and is recovering, approaching the $0.14 resistance. Turning this resistance into support will indicate a 12% rise and allow the altcoin to progress towards the significant technical and psychological price level of $0.15. However, a failed breach could cause the Kaspa price to fall to the $0.11 support. Losing this support will extend the decline and invalidate the bullish outlook.
