The cryptocurrency market remains volatile, with Ethereum (ETH) declining, affecting other altcoins including Kaspa (KAS).
Current Situation in the Cryptocurrency Market
The cryptocurrency market continues its consolidation, with Ethereum (ETH) hovering around $4,300, down by 13% from its recent high of $4,954. This weakness has also hit major altcoins, particularly Kaspa (KAS), which is down over 9% in the past week.
Formation of Symmetrical Triangle
On the daily chart, KAS is forming a **Symmetrical Triangle**, a setup that can often signal a continuation but depends on market momentum. Following a pullback from resistance at $0.1185 in late July, KAS is now trading around $0.07740, marking a 34% drop from its upper resistance line.
Outlook for KAS
If this pattern continues to unfold, KAS could extend its decline toward the lower wedge boundary at about $0.068, implying a further 12% drop from current levels. However, if KAS finds support along the wedge’s lower trendline and reclaims its 100-day moving average at $0.0857, it could signal the start of a bullish wave.
Kaspa (KAS) is showing signs of instability amid a broader market downturn. The future price movements will depend on KAS's ability to hold current levels and potential for recovery.
