Kaspa Price Soars 9.41%: Breakout Attempt Sets Sights on $0.10
Kaspa's price has surged by 9.41% in recent trading, pushing it above its 100-day Simple Moving Average (SMA) at $0.02878.
This breakout could potentially open the path for Kaspa to reach $0.05, $0.06, and eventually $0.10, according to technical analysis.
The token's price is currently trading at $0.03534, with a daily chart showing a wide green candle with a long lower wick, indicating strong buying pressure.
Additionally, institutional activity around digital assets has picked up, with Standard Chartered's full acquisition of Zodia Custody being seen as a step towards greater institutional exposure to Kaspa.
However, the daily Relative Strength Index (RSI) is at 75.64, which may indicate that the market is overbought in the short term, potentially leading to consolidation or a retracement before another attempt at higher prices.