- KAS price is up 10% in 24 hours as Kaspa mirrors other altcoins’ gains.
- The cryptocurrency is also surging after seeing a double-bottom bounce with support near $0.05.
- Bulls could breach resistance around $0.12 and target the $0.18-$0.20 supply zone.
The Kaspa price has surged by 10% in the past 24 hours, reaching an intraday high of $0.105.
Notably, this has added to weekly gains of over 18% as Kaspa rides the bullish momentum, with top cryptocurrencies Ethereum, XRP, and Solana seeing notable gains.
BNB price has jumped to near its all-time high and could eye $1,000.
As these top altcoins eye key technical levels, Kaspa’s upward momentum is drawing significant attention. Both market dynamics and upcoming network developments suggest bulls may not be done yet.
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Why is Kaspa price up today?
Kaspa’s price increase aligns with a robust altcoin market.
ETH, XRP, SOL, and BNB are all climbing toward critical resistance zones or all-time highs, adding to buying pressure for small-cap cryptocurrencies.
However, Kaspa’s rally is not solely tied to market-wide optimism.
A key driver is the growing anticipation surrounding the Kasplex mainnet, a significant step forward for the Kaspa Network, which is renowned for its high-speed, proof-of-work blockDAG architecture.
The Kasplex Layer 2 public testnet, dubbed Kasplex zkEVM, has officially launched, marking a pivotal milestone in Kaspa’s roadmap.
This fully Ethereum Virtual Machine (EVM)-compatible rollup leverages Kaspa’s Layer 1 (L1) for decentralized sequencing and data availability.
Kasplex zkEVM introduces several groundbreaking features. A full EVM equivalence allows developers to deploy Ethereum-native smart contracts with minimal adjustments.
With bridged KAS as the native testnet token, the protocol also allows for integration with standard EVM wallets like MetaMask.
Additionally, the testnet includes a live faucet, explorer, and expanding developer tooling, fostering an environment for building decentralized applications (dApps) and smart contracts on Kaspa.
This development positions Kaspa as a unique proof-of-work blockchain with Layer 2 smart contract functionality.
Its growth potential has sparked increased interest in the KAS token, contributing to its price surge.
KAS price: technical outlook
From a technical perspective, Kaspa’s price action is showing bullish signals. The KAS token has formed a double-bottom pattern, a classic reversal signal.
It indicates strong support in the $0.05-$0.06 range.
Kaspa price chart by TradingView
This bounce has propelled the price toward a key resistance level near $0.12.
According to the price outlook on the weekly chart, a decisive breakout above this level could open the door for buyers to target the $0.18-$0.20.
The area might prove a crucial supply zone, with the level aligning with previous highs from July and December 2024.
The post Kaspa price climbs 10% on Layer 2 rollout, forms double-bottom pattern appeared first on CoinJournal.
Kaspa price climbs 10% on Layer 2 rollout, forms double-bottom pattern
Source: https://coinjournal.net/news/kaspa-price-climbs-10-on-layer-2-rollout-forms-double-bottom-pattern/
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