Kaspa Surges 23%: But Can it Reach $0.5 by July?

Kaspa (KAS), the cryptocurrency focused on high-performance BlockDAG technology, has seen a price jump of over 23% in the past 24 hours,

Written by: Arslan Butt • Thursday, March 21, 2024 • 2 min read

Last updated: Thursday, March 21, 2024

Kaspa Surges 23%: But Can it Reach $0.5 by July?

Kaspa (KAS), the cryptocurrency focused on high-performance BlockDAG technology, has seen a price jump of over 25% in the past 24 hours, currently trading just above the key resistance level of $0.15. This price increase comes despite a challenging few weeks for Kaspa, with its price down over 30% in the last month.

Kaspa Price Prediction: $0.5 by July?

A popular Youtube crypto analyst, Crypto T, has released a video exploring the possibility of Kaspa reaching $0.5 by July 2024. The video, titled “Will Kaspa Hit 50 Cents In July 2024?”, dives into several factors that could influence Kaspa’s price trajectory.

Reasons for Potential Growth

Power Law Theory: The analyst draws parallels between Kaspa and Bitcoin’s historical price movements, suggesting Kaspa could follow a similar path. A “rainbow chart” based on this theory suggests Kaspa could reach $0.5 by July if it touches the orange line, as it has historically.
Technical Analysis: The analyst identifies a “falling wedge” pattern and key support levels around $0.123. A break above the lower trendline could indicate a retest of higher resistance levels and improved market sentiment.
Upcoming Rust Upgrade: This upgrade is expected to improve network efficiency and compatibility, potentially boosting Kaspa’s price. Some exchanges might wait for this upgrade before listing Kaspa, further enhancing its market position.
Increasing Hash Rate: A rising hash rate signifies stronger network security and miner engagement, which could be positive signs.
Improved Distribution: A decrease in whales and an increase in smaller holders suggests a healthier distribution, potentially leading to a more stable market.

Kaspa’s Strong Fundamentals: Beyond the Hype

Kaspa has achieved significant milestones in the past year and a half, including:

Complete Rust Rewrite: A fundamental overhaul of the codebase designed to enhance efficiency, scalability, and reliability.
Network Performance Innovations: Improvements to the mempool, validation logic, and difficulty adjustment algorithms to handle higher transaction volumes.
Streamlined API: A more user-friendly and accessible API to attract developers and integrators.
WebAssembly Integration: Embracing WebAssembly (WASM) for future applications like Kaspa Next Generation (KNG).
UTXO Bloat Solutions: Strategies to address storage demands caused by unspent transaction outputs, making the network more scalable.
Cautious Transition to Rust on Mainnet: A meticulous plan to ensure a smooth migration from Go to Rust on the mainnet, prioritizing network stability.