Crypto analyst, known as Crypto ZX on YouTube, has shared his thoughts on the possible challenges and opportunities that await Kaspa as the price of Bitcoin (BTC) nears $100,000.
The current price data reveals that KAS has seen a decline of more than 5% in the last 24 hours, with a price standing at $0.1506. In comparison to Bitcoin, Kaspa has fallen by 25% during the same period. Its market capitalization sits at approximately $3.8 billion, and the 24-hour trading volume is around $193 million.
Bitcoin Dominance and Altcoin Impact
Crypto ZX pointed out the broader market context, where Bitcoin’s dominance has surged to a new yearly high of 61.74%. This increase in Bitcoin dominance, coupled with profit-taking activities among Bitcoin traders, has negatively impacted altcoins like Kaspa (KAS).
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Key resistance levels are critical for Kaspa’s potential upward momentum. The price has fallen below the 78.6 Fibonacci retracement level—an important threshold for recovery. Additionally, a significant resistance level is identified at $0.173. For Kaspa to advance toward higher price points, it needs to reclaim this level and establish it as support.
Reflecting on historical performance, the analyst reminds investors that Kaspa reached its all-time high in August. To return to those levels, overcoming current resistance will be essential.
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He noted that while organic market flows and Bitcoin’s overall momentum could aid Kaspa in regaining its footing within the dollar market, its comparative performance against Bitcoin may lag behind. He also acknowledged the impact of short-term market FUD on investor sentiment, urging the community to stay focused and informed.
Despite the current price retracements, Crypto ZX believes that altcoins, including Kaspa, may see benefits from a future market upswing—provided that crucial resistance levels are successfully broken.
