- KAITO is trading around the $1.86 mark.
- Daily trading volume has surged by over 74%.
The crypto market is again trapped within a bearish chokehold, slipping by 2.18% to $3.23 trillion. The major assets have been charted in red, with Bitcoin (BTC) hovering around the $102.5K mark and Ethereum (ETH) trading at the $2.4K zone. Meanwhile, KAITO has recorded a spike of over 2.09% in the last 24 hours.
The asset has visited its daily low and high at the range of $1.74 and $1.95, respectively. Assuming KAITO bull’s mighty arrival and if it breaks the key price levels, a steady upside correction could emerge and likely send the price to new highs.
At the time of writing, KAITO traded at around $1.86, with its market cap reaching $449 million. Notably, the asset’s daily trading volume has surged by over 74.22%, jumping to $347 million. Particularly, during this period, the market saw a liquidation of $2.68 million in KAITO, according to Coinglass data.
What is Next for KAITO: Continuation or Correction?
The asset’s active bearish momentum reported by the indicators might pose substantial downside risks. The price could drop to the nearby support level of $1.75. A sustained downward pressure is expected to trigger KAITO to revisit its previous low near the $1.60 range.
Contrarily, if KAITO clears the $1.83 range, it could open the gate to hit its recent highs. The asset’s extended upside correction might help the expansion of its bullish price action. Also, the asset may likely aim to conquer the crucial price zone between $1.87 and $1.98.
The signal line and Moving Average Convergence Divergence (MACD) line of KAITO are positioned below the zero line. It indicates a bearish crossover in the market, and the selling pressure currently outweighs buying interest. Besides, the Chaikin Money Flow (CMF) indicator at -0.15 suggests that capital is flowing out of the asset, with sellers having the upper hand. A sustained negative value can signal a potential downward momentum.
Moreover, the Bull Bear Power (BBP) of the asset at -0.0013 implies that bears have a slight edge over bulls, a neutral to mildly bearish sentiment in the market. KAITO’s daily relative strength index (RSI), found at 48.93, signals that the asset is in neutral territory, neither overbought nor oversold.
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