Kaspa (KAS) is up 10% over the last seven days in a remarkable upward trajectory, ending an extended period of correction and subsequent stabilization.
Although the token is losing on the second consecutive daily session, the latest rally has seen it reclaim its previous ATH of $0.18, rising from a low of $0.146.
The altcoin has been on a bull run for the past three months, with a 74% increase in the last 90 days.
This is the third time Kaspa price forms an all-time high in the last three months, owing to the ongoing uptrend. The conviction among investors has also been considerably high as evidenced by increasing social dominance.
According to data from market intelligence firm Santiment, Kaspa’s social dominance has experienced a significant growth over the last 90 days.
The chart above reveals that Kaspa’s social dominance has tripled over the last three months to a record high of 0.51%, indicating a drastic rise in the demand for the crypto among investors and community members.
The KAS price action has led to the formation of an ascending parallel channel on the daily chart as shown in the figure below. The bulls were fighting to maintain the price above $0.192, embraced by the lower boundary of the rising channel.
A daily candlestick close above this level would see the price rise to reclaim the support provided by the middle boundary at $0.20 and later to the upper boundary at $0.1206. Breaching this level would recoup all the losses made over the last two days, confirming the continuation of the uptrend.
On the downside, the relative strength index (RSI) shows that the price was recently overbought, suggesting that the ongoing correction is profit-taking by investors.
If the sell-side activity persists, KAS could see deeper corrections with the first line of defense arising from the psychological level at $0.180 and later the 50-day EMA at $0.1742.