Kaspa (muscle) has been the most winning token of the market in the last 24 hours. After seeing the lowest level of two years in Tuesday’s transaction session, the price of Altcoin increased by 15 %. Recovery, increasing transaction volumes And with the renewed investor confidence, the rising open interest came in the midst of a wider revival in crypto market activities. Crypto analyst Abody Oladokun says that muscle can rise further.
Demand has risen, the muscle started!
The increase in the transaction volume of the Kasim’s double -digit earnings was also accompanied. During the article, Coin’s daily transaction volume increased by more than 95 %and reached $ 189 million. The rise of an asset with the price of the transaction volume indicates that strong market participation and the interest of investor has increased. The higher volume confirms that the price increase of the muscle is supported by real demand, not speculative operations.
Muscle price and process volume. Source: centimeterIn addition, Coin’s increasing open interest reflects this. During the article, this figure increased by 7 %last day and reached $ 64 million. Open interest refers to the total number of unpaid derivative contracts. As it rises, it shows that market participation increases and new capital enters muscle positions. This indicates that the confidence in the price trend of the asset increases and indicates a sustainable rise trend if it continues.
Muscle open interest. Source: coinglassMoreover, Coin’s funding rate returned from negative to positive and underlined the rise in the feeling of muscle. According to the press time, this rate is 0.0013 %. The funding ratio is a periodic fee that is exchanged between those who make the contract price in the same level with the spot price between those who make long and shorts in continuous term transaction contracts. When the value is positive, it means that long traders pay to the trader in the short position. This tendency indicates that market sensitivity is on the rise and that traders are willing to pay premiums to protect their long positions.
Muscle background ratio. Source: coinglassMuscle Price Estimation: There is $ 0.81 on the target for Altcoin!
The muscle is currently traded for $ 0.066 and splashed from the support of $ 0.065. If this price zone is established as a strong support ground, it may continue the rise trend. In this case, the muscle can change hands for $ 0.081 in the near term.
Muscle background ratio. Source: coinglassOn the other hand, if the sales pressure gains momentum, the muscle may lose its last earnings and fall below the support of $ 0.065 to decline to $ 0.049.
The opinions and estimates in the article belong to the analyst and are not definitely investment advice. Kriptokoin.comWe recommend that you do your own research before investing.
