- KAITO surged 21%, trading around the $0.60 range.
- Daily trading volume has skyrocketed by over 1,387%.
The broader crypto market remains choppy, swinging between red and green and reflecting ongoing indecision. The largest assets like Bitcoin (BTC) and Ethereum (ETH) remain under a prolonged bearish trajectory, losing momentum. Notably, KAITO has bucked the trend, posting a solid and steady 21.46% jump.
In the early hours, the asset was trading within a low range of $0.4898. The bullish encounter has pushed KAITO to mount toward a high level of $0.6387, testing and breaking the crucial resistances between $0.49 and $0.62. With bulls sustaining strength, the market could set the stage for a rally to new highs.
At the time of writing, KAITO traded within the $0.6085 zone, with its market cap reaching $147.15 million. Moreover, the asset’s daily trading volume has skyrocketed by over 1387% touching the $110.76 million mark. As per Coinglass data, the market has experienced a 24-hour liquidation of $1.14 million in KAITO.
After the Surge, Can KAITO Bulls Hold the Line?
The Moving Average Convergence Divergence (MACD) line of KAITO has crossed above the signal line, showcasing the presence of bulls. Also, the trend may continue to move higher. Besides, the Chaikin Money Flow (CMF) indicator found at 0.61 implies strong buying pressure, with steady capital flow into the asset. If it stays this high, it likely supports the uptrend.
With the bullish outlook, the price of KAITO might jump toward the $0.61 resistance level. Upon maintaining this trading zone, the bulls could spark a potential upward correction and trigger the golden cross to take place. Eventually, the price could rise to $0.62.
A downside reversal might open the way to recent lows, which brings in a retest at the $0.59 support. A sustained bearish pressure could push the death cross to emerge, and the bears would likely take the KAITO price down to the $0.58 range or even lower.
KAITO’s Bull Bear Power (BBP) value of 0.1560 indicates moderate bullish strength, but the momentum is not strong. If it rises further, buying pressure may increase. Furthermore, the daily Relative Strength Index (RSI) settled at 73.93, suggesting that the asset is overbought. It may be due for a pullback or consolidation. While bullish momentum is strong, caution is warranted.
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Source: https://thenewscrypto.com/kaito-sparks-a-bullish-wave-can-the-21-rally-continue-or-will-the-momentum-fade/
