- KAITO jumps 16%, now trading at $1.80.
- Daily trading volume explodes by 134%.
Much like a rollercoaster, the crypto market has experienced sharp ups and downs in recent days. Assets caught in a bearish grip are rebounding, with Bitcoin and Ethereum reclaiming key support levels. Following this, KAITO has surged by 16.58%.
In the early hours, KAITO traded in the $1.45 range. After the bull awakening, the price climbed toward the $2.21 range, surpassing the crucial $2.04 and $2.17 resistance levels.
At press time, KAITO traded at $1.80, with its market cap reaching $435 million. Moreover, during this period, the market saw a liquidation of $9.37 million in KAITO. Notably, the daily trading volume of the asset has touched $1.07 billion.
KAITO has plummeted by over 11% in the last seven days. The asset’s weekly high is observed at $2.91 from a low of $2.04.
Is KAITO’s Rally Set to Continue?
Assuming KAITO jumps over the $1.86 range, it could bring in a retest at $1.94 resistance. The prolonged upward correction may reinforce the bullish trend, positioning the asset toward the $2.20 price zone.
In the event of a bearish turn, the asset might face serious vulnerabilities. KAITO will likely reverse course to $1.71. Continued bearish pressure could drive the asset back to its support range near $1.50 or deepen losses.
KAITO’s Moving Average Convergence Divergence (MACD) line and signal line are stationed below the zero line. This indicates a strong bearish crossover with the selling pressure dominating the market.
The Chaikin Money Flow (CMF) indicator found at -0.13 suggests the money is flowing out of the asset and the sellers are in control. Meanwhile, KAITO’s daily trading volume has soared by over 134%.
Besides, the Bull Bear Power (BBP) of 0.1668 infer the bullishness with the buyers having the upper hand in the market. KAITO’s daily relative strength index (RSI) rests at 46.88 signals a slight bearish to neutral momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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