News sources report that Binance has officially brought its Kaspa mining service forward with its native pool. However, it’s important to observe that Kaspa (KAS) is not listed on the Binance exchange.
The launch of this Kaspa mining service does not indicate that Kaspa will be listed on Binance in the future. Also, it does not promise any future trading chances for the token on the platform. The starting of this service is separate from the listing process and majorly looks at providing mining capabilities without influencing potential future listings.
Promotion Period for Kaspa Mining
For the people who want to learn more about Kaspa mining, Binance is giving zero pool fees for KAS mining during the “promotion period.” This promotion period begins from today until November 5, 2024. This promotional offer is expected to gain the attention of miners to use Binance’s platform for Kaspa mining.
Historically, reports suggest that Binance’s relationship with Kaspa started with the introduction of KAS futures in 2023. KAS futures were launched at the time but the spot market for KAS stays unavailable on Binance. The trading of futures enables users to take positions and make use of KAS with USDT pairings.
Additionally, the Kaspa token has undergone massive volatility in the crypto landscape lately. In the past 24 hours, Kaspa (KAS) has experienced a downturn of an alleged 15.94%, dragging its price down to $0.1477. A week of downward trajectory followed afterwards, with KAS dropping by 20.83%, according to the sources. The token reached a high of $0.2074 and a low of $0.1864 during this period. Currently, Kaspa is trading at $0.1512, with a market capitalization of $3.68 billion, as reported.
Trading Volume and Market Indicators
The daily trading volume for Kaspa has allegedly jumped by 58.37% to $235 million, according to CoinMarketCap (CMC) data. This hike in trading volume displays an augmented level of market activity and investor interest even when the token is experiencing a downturn. The daily relative strength index (RSI) for KAS is at 29.44, showing that the asset is in an oversold condition and may be facing massive downward pressure.
This low RSI value is usually associated with an oversaturation of selling, which could hint at the potential for a price rebound if buying interest returns. However, it also highlights the existing bearish sentiment in the market, where investors are concerned about further downward movements.
Moving Averages and Resistance Levels
The short-term 9-day and 21-day moving averages for Kaspa are allegedly above the current price, standing at $0.18453 and $0.18172, respectively. This positioning of the moving averages signals the bearish outlook for the token.
If Kaspa’s price experiences a reversal, initial resistance is expected at $0.15911, experts suggest. If the bullish momentum goes on, a higher resistance level could be seen at $0.16749. Contrarily, if the bearish trend moves ahead, the price of Kaspa might drop to $0.14782, with further support potentially at $0.14008.
Conclusion
Binance’s new Kaspa mining service does not guarantee that Kaspa will be listed on the exchange, news sources report. Despite this, the service gives an opportunity for miners to interact with Kaspa without pool fees during the promotional period, which goes on until November 5, 2024.
This initiative of Kaspa mining enables miners to advantage of zero fees while mining KAS, potentially making it more attractive to those interested in cryptocurrency mining. The current market performance of Kaspa displays a massive drop, with bearish signals existing in the short term. The token’s recent decline in price and the low relative strength index show difficult dynamics for KAS investors and traders. Despite these difficulties, the augmented trading volume shows continued interest and activity in the market. For miners and traders, it is integral to stay informed about market trends and the potential consequences of Binance’s promotions on the wider cryptocurrency arena. Stay tuned with TNYR for more news.
