Kaspa Drops 1.73% After Failing to Break $0.090 Resistance

Kaspa, a cryptocurrency, has been experiencing notable price movements recently. Currently, it is trading at $0.08573, showing signs of recovery after hitting recent lows and pushing higher over the past week. However, after reaching intraday highs near $0.0919, the price failed to sustain these gains and slipped back below $0.086. The next few trading sessions will be crucial in determining whether this recovery will continue or if it will revert to the broader downtrend.

Yesterday's prediction highlighted the $0.088–$0.090 zone as a key resistance area, which the price respected perfectly today. Kaspa reached an intraday high of $0.0919 but was quickly rejected, dropping back to around $0.085. The analysis also mentioned that if bulls couldn't break this level with significant volume, a pullback could occur, which is now starting to happen as sellers re-enter the market.

As of July 12, Kaspa's current price is $0.0853, with a 24-hour change of -1.73%. The 9-day simple moving average (SMA) is $0.0793 and is slightly rising, indicating positive short-term momentum. However, until the price breaks above the descending trendline, the overall trend remains neutral. The volume is holding steady but is not significant enough to indicate a breakout.

Kaspa has been struggling under a trendline since mid-May, with today marking another rejection at this level, the third failed attempt. Buyers have shown increased activity since the $0.070 bottom, but they need to push through this resistance to shift the trend. Otherwise, the current movement could just be another bounce within a larger downtrend. The recent candles appeared strong, but today's wick and red close indicate hesitation, suggesting a heated battle between buyers and sellers.

Key indicators on the daily timeframe show a bullish RSI (14) at 57.87, indicating strong momentum without being overheated. The ADX (14) at 34.92 suggests decent trend strength. The MACD (12,26) is flat at 0.000, providing no clear signal. The CCI (14) is way overbought at 278.96, cautioning for a potential pause or pullback. The ROC is strong at 13.79, and the Bull/Bear Power is slightly in favor of the bulls at 0.0181. Overall, the momentum favors the bulls, but the overbought CCI and flat MACD suggest a possible pause or pullback.

Looking ahead, a bullish scenario could see Kaspa moving toward $0.10 or even $0.108, but it needs to close above the resistance level with volume to avoid another fakeout. A neutral scenario might see the price bouncing between $0.080 and $0.090 until a stronger catalyst emerges. A bearish scenario could see the price dropping below $0.080, potentially revisiting the $0.072–$0.078 support area from late June.

In conclusion, Kaspa's price has shown a solid run recently, but the key resistance zone continues to pose a challenge. The trendline remains unbroken, and buyers are encountering resistance. Short-term momentum is decent, but without a strong breakout above $0.090, the price could enter a sideways grind or even reverse if support doesn't hold. All eyes are on the trendline, as breaking it could signal a different market dynamic, while another failure could indicate a return to the downtrend.