Kaspa (KAS) Surges 12% Weekly as Bitcoin Hits $118K

Kaspa (KAS) has shown a strong performance in the cryptocurrency market, with a solid 12% weekly gain, contributing to the overall bullish sentiment. This surge comes as Bitcoin (BTC) reached a new all-time high of $118K, and Ethereum (ETH) posted a 17% weekly gain, reinforcing the positive outlook across the altcoins space.

Technical analysis reveals a key harmonic pattern forming on the KAS 1D chart, specifically the Bearish Bat pattern. This pattern started at point X near $0.19, dropped to point A, bounced to B, then fell again to point C around $0.052. From this low, KAS has begun recovering and is currently trading near $0.085, testing the 200-day moving average at $0.093, a crucial resistance level.

According to harmonic analysis, if KAS continues its current upward trend (CD wave), the next key area to watch is the Potential Reversal Zone (PRZ), which lies between $0.174 and $0.190. These levels correspond with the 0.886 and 1.0 Fibonacci extensions, where the harmonic pattern typically completes. If KAS decisively breaks above the 200-day moving average and holds, it could strengthen the bullish outlook and potentially trigger a +100% rally toward the $0.19 target zone, completing the Bat pattern and opening the door for profit-taking or possible reversal, as often seen at the PRZ.

However, traders should also monitor support at $0.076. A drop below this level may invalidate the harmonic setup and delay any upward continuation. This analysis underscores the importance of technical indicators in predicting potential price movements and highlights the need for cautious trading strategies in the volatile cryptocurrency market.