🔎 #KAS Analysis

From the support level of $0.045, the price began to strengthen and an imbalanced volume appeared closer to the $1 level. By all indications, the coin forms an upward five-wave cycle according to the Elliott📈 theory. The first wave of the cycle ended at about $0.14. Corrective wave II maintained its upward structure, there was an attempt to go to global support, but the buyer reacted and the wave ended at $1. From this level, the volumes of wave III appeared and the price met resistance at $0.17.

Now the wave is over and the IV descending wave is beginning to form. It is important that the price does not go significantly below the $0.14 level, but closes higher. In this case, the cycle will continue to develop correctly and growth will continue. If the price fixes much lower, the cycle will cease to be relevant and the price will go to the levels below📉.

The local 8H timeframe contains signs of a limit position set. Most likely, a major player is gaining a limit. This can be seen in the increased volumes of the seller on candlesticks with long shadows at the bottom. These candlesticks did not particularly affect the price movement vector, but they demolished excess leverage from below. The formation of the Adam and Eve pattern can be traced. It is possible that the pattern will mark the end of wave IV and the price will start to rise.

The MACD indicator has noticeably unloaded and marked a bullish crossover. This signal will have a positive effect on the price. Judging by it, the growth of wave V is approaching. The ADX indicator indicates a weakening bearish trend. The negative moving average has gone under the growing trend. In turn, the positive begins to strengthen. There are signs that the correction is coming to an end. If the trend continues, the price may complete it in the near future.

Both timeframes confirm the correct formation of a five-wave upward cycle. The structure is maintained, despite the attempts of the price to break it. It is important to monitor the fulfillment of the conditions for the IV wave. The coin looks quite strong. The evolving cycle confirms this.

We start the week with new BTC records. They brought a positive message from London. A new BTC-based product is being launched there for classic investors. Liquidity continues to flow into BTC. But it is also already distributed among altcoins. Apparently, the correction of the first cryptocurrency is postponed. The strengthening of the price can slow down the growth of this coin, but it is significant. I expect the upward movement to continue.