Binance has officially introduced its Kaspa mining service through its native pool. However, it’s important to note that Kaspa (KAS) is not listed on the Binance exchange.
It is further reported that the launch of this Kaspa mining service does not imply that Kaspa will be listed on Binance in the future, nor does it guarantee any future trading opportunities for the token on the platform. The introduction of this service is separate from the listing process and focuses solely on providing mining capabilities without affecting potential future listings.
Promotion Period for Kaspa Mining
For those interested in Kaspa mining, Binance is offering zero pool fees for KAS mining during the “promotion period,” which reportedly runs from today until November 5, 2024. This promotional offer is aimed at attracting miners to use Binance’s platform for Kaspa mining.
Historically, Binance’s relationship with Kaspa began with the introduction of KAS futures in 2023. Although KAS futures were launched, the spot market for KAS remains unavailable on Binance. The futures trading allegedly allows users to take positions and leverage KAS with USDT pairings.
Additionally, the Kaspa token has experienced significant volatility in the crypto market recently. In the past 24 hours, Kaspa (KAS) has seen a reported decline of 15.94%, bringing its price down to $0.1477. This follows a week of downward movement, with KAS dropping by 20.83%. 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 by the news sources.
Trading Volume and Market Indicators
The daily trading volume for Kaspa has increased reportedly by 58.37% to $235 million, according to CoinMarketCap (CMC) data. This surge in trading volume reflects a heightened level of market activity and investor interest despite the token’s current decline.
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The daily relative strength index (RSI) for KAS stands at 29.44, suggesting that the asset is in an oversold condition and may be facing substantial downward pressure. This low RSI value is typically indicative of an oversaturation of selling, which could signal the potential for a price rebound if buying interest returns. However, it also underscores the prevailing bearish sentiment in the market, where investors are cautious about further declines.
Moving Averages and Resistance Levels
The short-term 9-day and 21-day moving averages for Kaspa are above the current price, standing at $0.18453 and $0.18172, respectively. This positioning of the moving averages reinforces the bearish outlook for the token.
If Kaspa’s price experiences a reversal, initial resistance is expected at $0.15911. Should the bullish momentum persist, a higher resistance level could be found at $0.16749. Conversely, if the bearish trend continues, the price of Kaspa might drop to $0.14782, with further support potentially at $0.14008. It might affect Kaspa mining as well.
Conclusion
Binance’s new Kaspa mining service does not guarantee that Kaspa will be listed on the exchange, according to news sources. Despite this, the service offers an opportunity for miners to engage with Kaspa without pool fees during the promotional period, which runs until November 5, 2024. This Kaspa mining initiative allows miners to benefit from zero fees while mining KAS, potentially making it more attractive to those interested in cryptocurrency mining.
The current market performance of Kaspa reflects a significant decline, with bearish indicators prevailing in the short term. The token’s recent drop in price and the low relative strength index suggest a challenging environment for KAS investors and traders. Despite these difficulties, the increased trading volume indicates ongoing interest and activity in the market. For miners and traders, it is crucial to stay informed about market trends and the potential impact of Binance’s promotions on the broader cryptocurrency landscape. Follow TheBITJournal for more updates on the matter of Kaspa mining.
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