Kaspa price climbs 10% on Layer 2 rollout, forms double-bottom pattern
- KAS price is up 10% in 24 hours as Kaspa mirrors other altcoins’ gains.
- The cryptocurrency is also surging after seeing a double-bottom bounce with support near $0.05.
- Bulls could breach resistance around $0.12 and target the $0.18-$0.20 supply zone.
The Kaspa price has surged by 10% in the past 24 hours, reaching an intraday high of $0.105.
Notably, this has added to weekly gains of over 18% as Kaspa rides the bullish momentum, with top cryptocurrencies Ethereum, XRP, and Solana seeing notable gains.
BNB price has jumped to near its all-time high and could eye $1,000.
As these top altcoins eye key technical levels, Kaspa’s upward momentum is drawing significant attention. Both market dynamics and upcoming network developments suggest bulls may not be done yet.
Why is Kaspa price up today?
Kaspa’s price increase aligns with a robust altcoin market.
ETH, XRP, SOL, and BNB are all climbing toward critical resistance zones or all-time highs, adding to buying pressure for small-cap cryptocurrencies.
However, Kaspa’s rally is not solely tied to market-wide optimism.
A key driver is the growing anticipation surrounding the Kasplex mainnet, a significant step forward for the Kaspa Network, which is renowned for its high-speed, proof-of-work blockDAG architecture.
The Kasplex Layer 2 public testnet, dubbed Kasplex zkEVM, has officially launched, marking a pivotal milestone in Kaspa’s roadmap.
This fully Ethereum Virtual Machine (EVM)-compatible rollup leverages Kaspa’s Layer 1 (L1) for decentralized sequencing and data availability.
Kasplex zkEVM introduces several groundbreaking features. A full EVM equivalence allows developers to deploy Ethereum-native smart contracts with minimal adjustments.
With bridged KAS as the native testnet token, the protocol also allows for integration with standard EVM wallets like MetaMask.
Additionally, the testnet includes a live faucet, explorer, and expanding developer tooling, fostering an environment for building decentralized applications (dApps) and smart contracts on Kaspa.
This development positions Kaspa as a unique proof-of-work blockchain with Layer 2 smart contract functionality.
Its growth potential has sparked increased interest in the KAS token, contributing to its price surge.
KAS price: technical outlook
From a technical perspective, Kaspa’s price action is showing bullish signals. The KAS token has formed a double-bottom pattern, a classic reversal signal.
It indicates strong support in the $0.05-$0.06 range.
Kaspa price chart by TradingView
This bounce has propelled the price toward a key resistance level near $0.12.
According to the price outlook on the weekly chart, a decisive breakout above this level could open the door for buyers to target the $0.18-$0.20.
The area might prove a crucial supply zone, with the level aligning with previous highs from July and December 2024.
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