Kaspa price jumps 15% as Binance listing makes KAS too big to ignore
|- Kaspa price has jumped 15% in the last 24 hours, nearly 70% on the week to test the $0.1400 psychological level.
- The pump comes on news that Binance exchange is listing KAS, making the altcoin available for perpetual trading.
- After the new all-time high, a 40% correction to the 61.8% Fibonacci retracement at $0.0930 seems likely amid profit booking.
Kaspa (KAS) price is among the top gainers after the cryptocurrency sprinted north over the week to record a new all-time high. However, with the altcon standing in the massively overbought region based on a technical indicator, a strong pullback seems likely as the altcoin enjoys the Coinbase effect.
Also Read: Ordinals-based meme coin rallies 40% after Binance listing
Kaspa could peak on Binance listing
Kaspa (KAS) price is up 15% in the last 24 hours and almost 70% over the last week as token holders enjoy the Coinbase effect, only on Binance, where an asset records a sharp jump once it is listed on the exchange.
Averagely, a newly listed coin can go up by 91% within five days after going live on Coinbase exchange, with Kaspa recording just about it, 67%, since the November 13 low of $0.0800. Going public on the world’s largest crypto exchange by trading volume is a show of legitimacy.
Meanwhile, trading volume is up by 80%, which points to strong interest in the asset by buyers as the surging trading volume accompanies rising prices or an upward trend. It also points to higher liquidity, better order execution, and a more active market for connecting a buyer and seller as KAS begins trading on Binance starting November 17.
Kaspa price outlook
As the Coinbase effect wears down, a correction to the 61.8% Fibonacci retracement seems likely as investors cash in for early profits. This outlook is supported by the Relative Strength Index (RSI), which shows KAS is massively overbought.
Nevertheless, investors with long positions for KAS may consider leaving their orders open as the price could still have some upside potential. Late investors on the other hand, may want to watch from the sidelines, as taking new long entries for the token could be risky.
KAS/USDT 3-day chart
On the flipside, increased buying pressure could see Kaspa price extend to clear 0.1400 before the range high at $0.1483 to record a new all-time high beyond this level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.