- KAS hit a new all-time high of $0.2062 after a 16.92% surge in seven days.
- Kaspa flipped MATIC with a $5B market cap.
Over the last seven days, crypto markets have experienced extreme volatility. During this period, Bitcoin [BTC] declined from $69k to $64k, affecting most altcoins.
However, Kaspa [KAS] remained stubborn and soaring high. Kaspa’s surge has flipped Polygon [MATIC] in the market cap at press time, according to CoinMarketCap.
KAS defies the market as MATIC struggles
As of this writing, KAS was trading at an all-time high of $0,2062 after reporting 16.93% gains on weekly charts. While KASPA recorded a massive surge, MATIC struggled to maintain its position.
MATIC has reported a decline in prices and market cap by 3.06% in the last 24 hours. At press time, MATIC was trading at $0.4946 following a sustained decline on monthly and weekly charts.
Over the past two months, KAS experienced a massive rise in market cap, surpassing multiple altcoins.
During this period, it surpassed Internet Computer [ICP], PEPE, and Uniswap [UNI], with the recent rise pushing it above MATIC’s $4.9B and hitting $5B for the first time.
This surge also pushed KAS to hit $0.20, as AMBCrypto reported earlier. This rise also cause Kaspa’s trading volume to decline by 3.74%, while MATIC’s trading volume surged by 38%.
What price charts indicate
Source: TradingView
AMBCrypto’s analysis showed that KAS was experiencing a strong upward momentum, while MATIC was declining.
Kaspa’s Aroon line indicated a strong uptrend, with Aroon Up at 92.86, sitting above Aroon Down at 35.71%. The Average Directional Index further proved this, as the line experienced an uptrend from 14 to 23 in the past seven days.
Additionally, the Awesome Oscillator was above zero at press time, suggesting that the short-term momentum was stronger than the long-term momentum; thus, bullish momentum prevailed.
Source: Tradingview
However, MATIC’s charts showed a different perspective, indicating a constant decline. MATIC’s Moving Average Convergence Divergence (MACD) was negative at 0.0117, with signal line and histogram all below zero.
This showed that bearish momentum was dominant, with short-term moving averages below long-term moving averages.
The Aroon line further proved the theory, with the Aroon Down at 50% and sitting above Aroon Up at 35.7%.
Source: Coinglass
Looking further, AMBCrypto’s analysis of Coinglass showed that KAS experienced increased Open Interest, surging from $77M to $106M in the last 24 hours.
Source: Santiment
Consequently, MATIC’s total Open Interest declined from $578M to $457M in the last seven days. Thus, investors were forced to close their positions without opening new ones, further pushing prices down.
Read Kaspa’s [KAS] Price Prediction 2024-25
If KAS’s current market position prevails, the altcoin will challenge $0.24 and reach a new ATH.
At the same time, MATIC might decline to critical support at $0.47; a trend reversal will push the altcoin to a $0.52 resistance level.
