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The analysis focuses on Kaspa (KASUSDT) on a 4-hour timeframe, evaluating a potential bullish reversal via a 1-2 wave setup. The current price is noted at approximately 0.044870. A primary point of consideration is the 1-2 setup initiating from the November 21st low, with the subsequent wave two pullback being characterized as deep, reaching near the 78.6% Fibonacci retracement level, identified at 0.040546. The analyst expresses skepticism regarding the conviction of this 1-2 setup, citing the lack of significant upside momentum. A critical short-term key level to maintain is the December 18th low, around 0.0385, while the formal invalidation point for the entire 1-2 setup is specified as the November 21st low, positioned approximately at 0.036. For a confirmed bullish reversal, a breakout above the existing blue trend line, which has exerted downward pressure since July, is deemed essential. Should a third wave commence from the current levels, the price is projected to reach targets of 0.075 and potentially up to 0.10. Despite the potential for a bullish setup, the prevailing pressure remains directed towards the downside, and the 78.6% Fibonacci level at 0.04 serves as crucial support. More evidence of a sustained upward movement is required before confirming a bottom in wave two.