- KAIA rallies 19% to hit $0.12.
- Daily volume explodes by over 1,750%.
A brief uptick of 1.68% of the crypto market cap has pushed the assets to the green zone. With the largest assets, Bitcoin and Ethereum formed a brief green candlestick. In the meantime, Kaia (KAIA) has registered a surge of over 19.17% in the last 24 hours.
In the early hours, KAIA traded at the bottom range at $0.1066. Midday trading of the asset, with the bullish encounter has driven the price to ascend to a daily high of $0.1286. The asset has broken the crucial resistance at $0.1148 and $0.1207 zones.
KAIA, with its market cap at $772 million, is currently trading at the $0.1279 mark. The asset’s daily trading volume has skyrocketed by over 1756%, reaching $122 million. Notably, the market has experienced a $901.31K liquidation of KAIA, as per Coinglass data.
The asset has recorded a 14% increase over the last seven days. KAIA’s weekly low is marked at around $0.1021. And the bullish pressure has pushed the price to its current trading level.
Will KAIA Hold Its Ground or Fade Out Fast?
With the bullish sentiment in the market, KAIA has solidly gained in double digits in the recent session. The asset could ascend toward the range of $0.13. An extended upside correction might trigger the golden cross to unfold, and likely send the asset’s price above $0.1330.
Assuming a reversal of KAIA, the price might steadily drop to its support at around $0.1262. Losing this support range could allow the bears to gain strength, inviting the death cross to unfold. It may pull the price to its former low below the $0.1240 mark.
Furthermore, the Moving Average Convergence Divergence (MACD) line of the asset has crossed above the signal line. This suggests a sturdy bullish momentum in the market, with more upward movement underway. Besides, the Chaikin Money Flow (CMF) indicator of KAIA, found at 0.60, indicates strong buying pressure and bullish sentiment, and the money is flowing into the asset, with the potential for further uptrend.
In addition, KAIA’s daily Relative Strength Index (RSI) value, positioned at 85.22, points out that the asset is in overbought territory. It could be due for a pullback or correction. The Bull Bear Power (BBP) reading at 0.0274 signals very mild bullish pressure in the market.
Highlighted Crypto News
Is Ethereum (ETH) Warming Up for a Bullish Reversal or Stuck in the Shadows?
Source: https://thenewscrypto.com/19-price-jump-and-1750-volume-surge-breakout-or-blow-off-for-kaia/