KAS has emerged as the market’s top gainer in the past 24 hours. Its price has surged by 15% after hitting a two-year low during Tuesday’s trading session.
The rebound comes amid a broader resurgence in crypto market activity, with increased trading volumes and rising open interest signaling renewed investor confidence.
KAS Rally Backed by Rising Demand
A corresponding uptick in trading volume has accompanied KAS’ double-digit gains. During the review period, the coin’s daily trading volume totaled $189 million, rising by over 95%.
When an asset’s trading volume rallies alongside its price, it indicates strong market participation and increased investor interest. Higher volume confirms that KAS’ price increase is backed by real demand, not speculative trades.
Also, the coin’s rising open interest reflects this. At press time, this is at $64 million, climbing 7% over the past day.
Open interest refers to the total number of outstanding derivative contracts that have not been settled. As it climbs, it suggests increased market participation and fresh capital entering KAS positions. This signals growing confidence in the asset’s price trend and hints at a sustained uptrend if it continues.
Moreover, the coin’s funding rate has flipped from negative to positive, highlighting the bullish shift in sentiment toward KAS. At press time, this stands at 0.0013%.
The funding rate is the periodic fee exchanged between long and short traders in perpetual futures contracts to keep the contract price aligned with the spot price. When its value is positive, it means long traders are paying short traders. This trend indicates that the market sentiment is bullish, and traders are willing to pay a premium to maintain their long positions.
Kaspa (KAS) Tests Critical Support at $0.065—Breakout or Breakdown Ahead?
KAS currently trades at $0.066, bouncing off the support formed at $0.065. It could continue its uptrend if this price zone is established as a strong support floor. In that case, KAS could exchange hands at $0.081 in the near term.
On the other hand, if selling pressure gains momentum, KAS could shed its recent gains and fall below the $0.065 support toward $0.049.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/kaspa-rebound-rising-demand/
2025-03-12 10:30:00
