Kaito (KAITO) has experienced a significant surge in open interest, jumping by 88.96% to $139.64 million. This increase reflects a growing interest in the altcoin and indicates that more traders are getting involved in the Kaito market. Additionally, bullish volume signals suggest that most traders are expecting further price recovery for KAITO.
The recent price surge of Kaito, which has seen a 26% increase, can be attributed to its listing on Upbit and its growing presence on major centralized exchanges. Currently, the price of KAITO stands at $1.81 with a market cap exceeding $435 million, making it one of the top gainers in the last 24 hours.
Following an all-time high of $2.92, KAITO experienced a substantial increase in total open interest, reaching approximately $140 million. Open interest refers to the total value of all open positions in a contract and is split evenly between longs and shorts. An increase in open interest, coupled with a price rise, indicates that buyers are more aggressive, which is a positive sign for the altcoin.
On the 4-hour chart, technical indicators suggest that KAITO may be developing a bullish reversal pattern, with a double bottom formation at the $1.55 level. The price has bounced back from this support area, indicating that bulls are actively defending lower levels. However, KAITO faces stiff resistance at $2.028, with key indicators pointing to potential challenges ahead.
A break above the $2.028 resistance level could trigger a rally towards $2.50 and $2.92 resistance levels, offering potential opportunities for further price gains. The price chart also shows lower highs and lower lows, signaling a slight downtrend around $1.5536. If the price can hold above $1.70, there is a possibility of a reversal bounce towards $2.0.
Currently, KAITO is approaching the 20-day moving average of $1.90, which serves as modest resistance. The 50-day Simple Moving Average (SMA) around $2.02 is a crucial resistance zone that, if broken, could lead to additional gains. The price surge is accompanied by increased volume, reinforcing the positive trend for KAITO.
In conclusion, Kaito’s recent performance, including the surge in open interest, bullish volume signals, and technical indicators, suggests that the altcoin may be poised for further price appreciation. Traders and investors should keep a close eye on key resistance levels and indicators to capitalize on potential opportunities in the KAITO market.