Kaspa price has done well in March, making it one of the top-performing cryptocurrencies in the industry. It jumped to a high of $0.023, which was about 2,400% above the lowest level in November last year. Its total market cap has jumped to over $397 million.
What is Kaspa?
Kaspa is an upcoming cryptocurrency that aims to become the best alternative to Bitcoin. It is a proof-of-work coin that seeks to become the fastest crypto in the industry. The coin has a block second of about 1 second and a maximum supply of over 28 billion coins.
It is unclear why Kaspa price jumped sharply in March. A likely reason is that the number of cryptocurrency exchanges started listing the coin. For example, on March, Gate.io listed the coin and enabled the KAS/USDT pair.
— Kaspa (@KaspaCurrency) March 27, 2023
Kaspa’s coin was also embraced by other exchanges like DigiFinex and XT.com. On Tuesday, the coin was listed in HotBit, which will expose it to more customers. Data compiled by CoinMarketCap shows that most KAS/USDT pair was traded in MEXC, which has a 54% market share. Other popular providers of the coin are Txbit, Gate.io, and CoinEx, among others.
Kaspa’s rally is also because of the broader strength of the crypto market. Bitcoin jumped to over $28,500 in March while the total market cap of all digital coins jumped to over $1.2 trillion.
Kaspa price prediction
The 4H chart shows that the KAS/USDT price has been in a strong bullish trend in the past few days. It has managed to move above the key resistance at $0015, the highest level on March 2. The coin has jumped above all moving averages while the Relative Strength Index (RSI) has moved above the overbought level.
Further, the Stochastic Oscillator has moved above the overbought level. Therefore, there is a possibility that the coin will pull back in the coming days as buyers start to take profits. If this happens, the next key support level to watch will be $0.15, which is about 33% below the current level.