The month of February was bearish for Kaspa, as it declined by around 40% from $0.13 to a closing price of $0.078.
Looking at the monthly chart, KAS price, in February, broke below a strong 14-month support that formed in December 2023. Breaking below this key level is a strongly bearish signal.
At the beginning of March, the KAS price quickly became bullish as it went on to test the broken support. The successful retest means that the $0.098 zone is now the new major resistance to contend with.
Based on this, the price could see a decline to $0.05, where the next strong monthly support is located. This would represent around a 35% dip from Kaspa March opening price.
However, we expect to see some relatively weaker support that could also try to hold the price. The weekly chart shows the $0.064 level as a key level. A weekly close below this level could hasten the decline in KAS price to $0.05. However, if the price remains above this weekly support level, we could see continued consolidation.
The Conditions for Kaspa Price Spike in March
No serious bullish move is expected from Kaspa in March until the price breaks above the strong monthly resistance. Of course, there would be some pullbacks after bearish moves.
Perhaps a change in the general crypto sentiment could give KAS the right momentum to see such a breakout early. In this case, we could expect a spike to around $0.13, the highest price in February. A break above this level could then lead KAS to spike to higher levels. This would likely depend on Bitcoin and the general market sentiment.
January saw a 10% increase in KAS price, February saw a 40% decline, and March could see further downside and consolidations if the general market sentiment remains negative.
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