Increased profit-taking across multiple assets has triggered a slight pullback in the crypto market today. As a result, the global crypto market capitalization has slipped by nearly 2% over the past 24 hours.
Amid this broader decline, Kaspa’s native coin KAS has emerged as the day’s standout performer, posting an impressive 10% gain to become the top gainer on the day.
KAS Rallies as Open Interest Jumps
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At press time, KAS exchanges hands at a two-month high of $0.112. This price surge is accompanied by an uptick in the coin’s futures open interest, signaling increased participation from both retail and institutional traders.
According to Coinglass, the metric currently sits at $237 million, noting a 16% rise over the past day. Open interest refers to the number of active futures or options contracts that have not been settled. It indicates the level of market activity and trader interest in a particular asset.
When it climbs during periods of price rallies like this, new money is flowing into the asset. This trend is a sign that bullish conviction around KAS is building.
The heightened derivatives activity reinforces the idea that traders might be positioning for further upside, especially as the coin continues to defy broader market weakness.
Furthermore, readings from the KAS/USD one-day chart show the altcoin holding firmly above the Leading Spans A and B of its Ichimoku Cloud, reflecting the bullish sentiment among KAS holders. These lines form dynamic support levels below KAS’ price at $0.098 and $0.089, respectively.
The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.
When an asset trades above it, the price is in a strong bullish trend. The area above the Cloud is a bullish zone, indicating that market sentiment toward KAS is positive. If this continues, the altcoin is poised to keep posting new gains.
KAS Eyes $0.118 Breakout — But Can It Hold Off the Bears?
At its current price, KAS trades just below the resistance formed at $0.115. If buying activity strengthens, KAS could break through this barrier and flip it into a support floor. A successful breakout above this level could drive the coin’s price toward $0.118.
However, if profit-taking kicks in, this bullish outlook would be invalidated. In that scenario, the altcoin could fall to $0.104. If that level fails to hold, KAS’ price may fall further to retest the support at $0.096.
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