Kaito, the native token of the AI-driven decentralized network Kaito, has reclaimed the $2 mark for the first time since March 3. The surge comes after a remarkable 150% rally over the past week, positioning the altcoin just 30% away from retesting its all-time high. But can KAITO sustain its upward momentum?
KAITO’s Reversal Fueled by Golden Cross Formation
KAITO’s price resurgence comes after hitting a new all-time low of $0.67 in April. Since then, the altcoin has rebounded by over 200%, reaching $2.04 at press time. On the daily chart, KAITO formed a golden cross, a bullish signal where the 20-day EMA (blue) crossed above the 50-day EMA (yellow).
Adding to the bullish sentiment, KAITO also broke through the upper trendline of a falling wedge pattern, indicating a potential trend reversal. With bulls defending the $0.69 support and the altcoin breaching the $1.04 resistance, the momentum appears strong. If the EMAs maintain their positions, the coin could continue its rally.
Support Levels Hold Firm as Bulls Eye $3
Data from IntoTheBlock shows significant support for KAITO between $1.76 and $1.82, where 675 addresses accumulated approximately 3.31 million tokens. This volume surpasses the buying activity between $2.07 and $2.38, suggesting that the current support level is robust.
Also Read: KAITO Price Surge: Volume Spikes as Bulls Target $1.40 and $1.80
Additionally, the Relative Strength Index (RSI) indicates rising bullish momentum, with the coin likely to test the 0.382 Fibonacci level at $2.45. If the token successfully breaks this resistance, a surge to the $3 mark could be imminent. However, if selling pressure intensifies, KAITO’s price might retrace to the $1.57 support.
Will KAITO maintain its bullish trajectory, or will profit-taking stall its momentum? Stay tuned as the market reaction unfolds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
