The crypto market has been in a corrective phase for the last couple of days. However, both Aptos ($APT) and Kaspa ($KAS) have bucked this trend. Can both these cryptocurrencies lead the rest of the field into the next upturn?
$APT makes steady gains
Source: TradingView
The $APT (APT/USD) price has moved steadily higher since dipping below the strong horizontal support on the 1 October. Since then, a series of higher highs and higher lows have led the price to a gain of more than 55%. The price is currently within an ascending wedge, which would be more likely to break to the downside. However, should the price break out to the upside, this would be extremely bullish.
$APT faces potential rejection against $BTC pair
Source: TradingView
Nevertheless, for an altcoin to be seen as a longer term hold, it needs to outperform its $BTC pair (APT/BTC). Since its inception in 2022, the $APT price had one towering gain of 374% against $BTC in early 2023. However, since then the price has lost all of these gains.
Currently, the $APT price is fighting back, making 88% since its low against $BTC. Nevertheless, a strong band of resistance is rejecting the price from above, and the Stochastic RSI has recently crossed down, signalling a potential end to upside price momentum.
$KAS has a lot to do to reverse downtrend
Source: TradingView
The $KAS (KAS/USD) price is technically still in a downtrend. However, it has recently broken upwards through a descending trendline, which may lead to a definitive break of the overall downward trend.
The shorter term targets for $KAS are displayed by the Fibonacci levels in the chart above. If the $KAS bulls can push the price to the last Fibonacci level at 0.786 ($0.167), the last local high is just above at $0.18. This would have to be surpassed as an absolute minimum if $KAS is to reverse the trend.
$KAS bounces against $BTC pair
Source: TradingView
When measured against $BTC (KAS/BTC), the $KAS price can be seen to be in a clear downward trend with lower highs and a lower low. However, the 0.786 Fibonacci has provided support, and a bounce is taking place from this level.
In addition, unlike in the case for $APT, the weekly Stochastic RSI has just crossed up from the very bottom. If this cross-up can continue, and pass through the 25.00 level, the resulting price momentum could help $KAS to break out of the descending triangle. The next few weeks will be critical.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
