Following a short pullback from the marked $1 resistance level, Kaito found support nearby and resumed buying at full speed. Breaking out of this important resistance, it appears highly bullish on the daily chart.
Few tokens on the Base ecosystem have reacted positively to the recent surge in volatility, including Kaito, which is seriously gaining traction at the time of writing. Aside from being among the top trending altcoins in the last 24 hours, it has resumed buying and appears super strong on the daily chart despite sharply rejecting the $1.5 few hours ago.
The recent surge was mainly triggered by a bounce from the $0.77 level, which provided support in the last leg down. That bounce was followed by a breakout of a white descending trendline that served as resistance during the drops, and the price rallied hard to where it got rejected today.
Scaling through the important $1 resistance level during the rally, Kaito is now considered highly bullish following the double-bottom pattern on the daily chart.
Now that the market bias has turned bullish, we can anticipate more growth if the price continues to increase daily. The only condition for bearishness right now lies in a crack below the previous monthly low. If that happens, it may advance bearish from a short-term perspective.
A careful look at the market structure shows that the trend has shifted to the upside, and from the look of things, bigger rallies can be expected in the next few days.
Kaito’s Key Levels to Watch
A push above the daily rejected high could allow more growth to the $1.6 and $1.8 levels. The next resistance level to watch above it is $2.26.
If a pullback occurs, we may see a retest at the broken $1.06 resistance-turned-support level. The lower level to watch for a retest is $0.89, followed by last month’s $0.772 support.
Key Resistance Levels: $1.6, $1.8, $2.26
Key Support Levels: $1.06, $0.89, $0.772
- Price: $1.24
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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