51% Surge: Will KAITO Keep Climbing Toward $2?
- KAITO has surged over 51%, now trading at $1.27.
- Its daily trading volume has jumped by more than 570%.
The broader crypto market cap has spiked by 2.69%, hitting $3 trillion. Most of the assets are charted in green, with Bitcoin and Ethereum attempting a recovery. However, among the altcoins, KAITO has jumped by over 51.23%.
In the early hours, KAITO was trading within the low range of $0.8224. Gradually, the bulls in command have triggered the asset to climb toward a peak of $1.42, surpassing the crucial $0.9687 and $1.37 levels.
At press time, KAITO traded at $1.27, with its market cap reaching $307 million. Furthermore, the assets daily trading volume has increased by 570% to $529 million. Notably, during this period, the market saw a liquidation of $6.42 million in KAITO.
Can KAITO Chart a New Path Forward?
The assets bullish turn has the potential to open the gate to new highs. KAITO could likely test the resistance between the price zone at $1.39 and $1.70. A sustained positive outlook can trigger the asset to aim the $2 range.
Assuming the downside correction, the price of KAITO might retrace to the $1.22 level. Maintaining this price range is crucial to avoid the incoming downtrend and initiate a potential rebound. If failed, the asset could steeply drop to $1.
KAITOs Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover indicates the potent bullish momentum. Besides, the Chaikin Money Flow (CMF) indicator found at 0.23 suggests strong buying pressure in the market, and the capital is flowing into the asset.
Moreover, the Bull Bear Power (BBP) value of KAITO is settled at 0.6008, reflects a bullish dominance, pushing the price above recent levels. The assets daily relative strength index (RSI) staying at 88.87 signals that the asset is deeply overbought, but it raises caution for a potential pullback or correction.
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Read more: https://thenewscrypto.com/51-surge-will-kaito-keep-climbing-toward-2/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
