In this article we see the latest news and a price analysis for crypto Kaspa (KAS), Shiba inu (SHIB) and Bancor (BNT).
It is worth noting that after yesterday’s pump of BTC, the whole market is back on its feet with a very positive performance of altcoins.
Let’s see all the details below.
Summary
The latest crypto news for Kaspa, Shiba Inu and Bancor coins
Starting with Kaspa, the latest crypto news concerns the celebration of the first transaction of the KAS coin within the institutional trading platform “Uphold Ascent.”
This is a milestone for the expansion of the Kaspa cryptocurrency and the GHOSTDAG protocol to new horizons and new markets. Currently, crypto is only available on modestly sized exchanges such as Kucoin, Gate.io, Bitget, Mexc, Coinex, TXbit and indeed Uphold.
Regarding the Shiba Inu meme project, it is worth mentioning the announcement of the introduction of a decentralized digital identikit within the Shibarium platform.
In the latest blog post, the Shiba Inu team introduced to the public the “Self-Sovereign Identity” (SSI), which is a digital ID that will allow Shibarium developers and community users to exploit their personal data in a fair and beneficial way, unlike how it is done with traditional web2 platforms.
An exact date for the launch of the “SHIB SSI” has not yet been announced since it will take several months of work before this can be successfully implemented within memecoin layer 2.
Finally speaking of Bancor it is worth noting the launch of a new feature within the Carbon decentralized trading platform.
The latter, developed and managed by the Bancor team, has begun to allow the various traders in its community to create and publish their own strategies within the platform, automating their operations.
Carbon represents one of the most innovative and interesting DEXs of the moment, covered by the presence of one of the most solid and historical crypto projects in the DeFi world.
Price analysis for the crypto assets Kaspa (KAS), Shiba inu (SHIB) and Bancor (BNT)
Going in order, let’s see how the 3 crypto assets in question are performing at the price level. Kaspa (KAS) is one of the few cryptocurrencies that is currently in a bullish trend and could continue its upward run to new all-time highs.
Introduced to the markets in June last year, KAS immediately showed its potential by marking excellent returns in its value and earning a good chunk of the crypto sector’s capitalization.
At $929 million, the crypto is targeting a billion-dollar valuation with decidedly bullish price action. Since early summer, prices have more than tripled from $0.015 to the current $0.046.
The structure keeps the price firmly above the 10-period exponential moving average on a daily time frame, on which it has been seeking support in just the last few candles.
The chances of a rebound are definitely high: once the resistance at $0.05 is broken, it will be “price discovery” for KAS.
On the bear front, the high value of the RSI could lead to a bearish reversal, which, however, would have to reckon with the very strong support of $0.04 on which the previous local top of April 2023 converges. It is worth carefully monitoring this coin’s trend in the next few days.
Let’s now move into the memecoin sphere by looking at the chart of Shiba Inu.
In early June SHIB began a bullish sprint that led prices to rise 60% in two months until the bears found refuge around the $0.00001 level, on which several stop losses were placed.
After the August 6 and 7 reversal that caused a -10% dump, the crypto has, against all expectations, continued its bullish run, going on to attack just this hour the main resistance.
The green candles of the last 2 days are most probably justified above all by the positive sentiment for BTC, which caused the whole market to pump. It is very dangerous at this time to open positions on SHIB since we are at a crucial level for understanding directionality in the short term.
Given the low trading volumes recorded between yesterday and today, it is likely that shortists will take over and bring the memecoin price back below $0.000009.
In any case, long scenarios are not excluded, in which a break of $0.00001 could lead to substantial growth for SHIB.
Finally on the Bancor (BNT) front we can see how prices are moving in an extremely interesting way in the wake of the success of the Carbon platform.
Today BNT marks a +27% while only 5 days ago it recorded a +52%.
Overall from 4 August to today, the crypto’s value has increased by about 94%, followed by a disproportionate increase in trading volumes. Although BNT holders are rightly celebrating the price action these days, it is worth mentioning the danger of such movements that do not make the price structure stable and healthy.
Unlike the trend observed on Kaspa, where the chart looks organic and clean, here there could be the hand of some whale who decided to manipulate the market of Bancor and its cryptocurrency.
Hence, be careful about wanting to enter BNT at this time given and considering that the RSI is in the overbought zone. Also, do not assume that positioning short is a smart move, at least not without a stop loss and a proper strategy.
Around $0.75 might be an interesting area to open a short position with low leverage and a 2-3% stop loss.
Bitcoin dominance and the impact on altcoin prices
When talking about crypto and altcoins such as Kaspa, Shiba Inu, and Bancor, it is crucial to always take a look at the situation of the Bitcoin king commanding the market with its movements.
In particular, the graph of BTC’s dominance is the most representative for the situation of the alt sector. Right now the value marks a 50.62% market dominance, which means that more than half of the capitalization of the entire crypto market is in the hands of Bitcoin holders.
Usually situations in which “alternative coins” experience large increases occur when BTC dominance marks a bearish trend.
Right now the exact opposite is happening, with BTC strengthening its potion and the dominance index reaching the highest value touched in the past 2 years.
It is likely that the bullish structure will continue into the 55% area, where it will run into significant resistance.
Even though this is not the best time to enter the altcoin market, the fact remains that we are in a very good momentum where prices are resisting and Bitcoin’s dominance index is rising.
When the latter starts its downward phase, if we are ready, we can celebrate and enjoy excellent gains. As always, do your research traders and do not expose yourself too much to the volatility of the crypto sector.
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