While the cryptocurrency market is experiencing a general decline, there are some coins that have managed to stand out and achieve impressive gains. One popular altcoin that is currently not listed on Binance is attracting attention with its rapid price increase, reaching a new all-time high in the past 24 hours.
The price of KAS Coin has been steadily increasing since August 29th and reached its historical peak on September 20th. With a staggering 25,800% price increase so far, it is one of the rare altcoins that reached an all-time high during the bear season. While the price currently suggests a local peak, the upward trend continues.
During the 76-day period starting from May 2023, the price has surged by 346%. The altcoin set its ATH level at $0.052 and has not deviated much from this range. The Elliott wave count provides important insights into the ongoing trajectory of the price.
According to the Elliott Wave count, we have seen a clear five-wave upward movement. After reaching the highest level, the KAS price likely entered a corrective A-B-C structure, supporting the bullish trend.
Current readings support the possibility of further price increases, but breaking the resistance level at $0.05 is necessary. If this level is not surpassed in the coming days, it could invalidate the previous bullish breakout. The daily RSI reading indicates a short-term pullback.
Short-term chart readings suggest a temporary decline. A potential pullback towards $0.040-$0.043 is noticeable on the 6-hour chart before the rally is extended. After the expected retracement, the price could continue its upward movement.
To dismiss the bearish scenario, the price needs to show a movement above its all-time high level of $0.054. In that case, the price could climb to the next highest level at $0.065, representing an approximate 40% additional increase.
At the time of writing, the overall market sentiment is negative, and volumes are weak. The price of BTC finds buyers around the 26,600 level as US markets open with a bearish sentiment. The latest unemployment claims data came in below expectations, and the negative update in the long-term interest rate projection yesterday had a negative impact on the markets.