Kas advanced bearish this week as the price continued to break down after initiating drops in the preceding week. However, it looks a bit stuck today due to a serious shrink in volatility.
Last week came with a notable selling pressure, but the bears were unable to sustain the pressure as the $0.076 level continued to provide support. After remaining indecisive for a day, the price increased suddenly, and that brought a small relief.
It later faced rejection and advanced bearishly with a break below this support level in the mid-week. While this break is considered brief, the selling pressure has seriously slowed down ever since. This brought an extreme volatility shrinks with choppy price actions.
Meanwhile, this looks like a build-up for another major loss. An increase in the supply level should trigger a big collapse shortly. Such a scenario should give the bears more dominance in the mid-term. But as it stands, the supply looks low.
Looking at the market so far, Kas’s trend still maintains a lower low and lower high pattern on the daily chart. This pattern hinted at a bearish continuation move in the short term. In the opposite direction, it must reverse this pattern before we can consider a bullish move. But right now, the bulls are showing low signs of commitment on the daily chart.
Source: Tradingview
While the market appears volatile this week, the immediate support level for selling is 0.0615$. After that, we can consider $0.054 and $0.05 in the next few weeks.
Buying activity appears low at the moment. If by chance the buyers show up strong, they must reclaim the lost $0.076 support as resistance. Higher levels for a test are $0.095 and $0.1143 in case of an increase.
Key Resistance Levels: $0.076, $0.095, $0.1143
Key Support Levels: $0.0615, $0.054, $0.05
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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