🌎 KAITO Crypto Surges 41.5% Amid Market Decline

KAITO Crypto Sees 41.5% Surge Amid Broader Market Decline

The cryptocurrency market experienced a decline of 4.1% over the past day, but KAITO crypto bucked this trend, surging by 41.5% on February 27. According to recent data, the token’s price rally has been remarkable, reaching an intraday high of $2.52 and bringing its market cap from $440 million to over $600 million.

High-Volume Trading Environment and Increased Demand

The price increase occurred in a high-volume trading environment, with daily trading volume doubling over the past day to reach over $1.97 billion. Furthermore, KAITO’s rally was driven by a significant jump in demand among its derivative traders. Open interest in the KAITO futures market has seen a nearly 66% increase, hitting an all-time high of $192 million.

Additionally, the weighted funding rate is bouncing back from negative territory, suggesting that traders are turning more optimistic and possibly eyeing profit opportunities. These indicators point to a bullish trend for KAITO.

AI-Related Cryptos Ride Nvidia’s Hype

The AI-based altcoin gained traction after AI chip giant Nvidia posted bullish Q4 results, with its revenue up 12% from last quarter and 78% year-over-year. AI-related cryptos, such as KAITO, MyShell (SHELL), and CARV (CARV), tend to ride Nvidia’s hype, with the latter two experiencing significant price increases of 27% and 68%, respectively.

Whale Activity Adds Fuel to the Rally

Whale activity has also contributed to the token’s price surge. An unidentified whale wallet bought back $1.39 million worth of KAITO, according to recent data. This whale activity is often seen as a bullish signal by retail investors, likely adding fuel to today’s rally.

KAITO Price Analysis

Technical indicators have flagged bullish signals for KAITO. On the 4-hour KAITO/USDT price chart, the token has been forming higher highs and lower lows, suggesting that the buying pressure is significantly higher than the selling pressure.

The Aroon Up indicator at 100% and Aroon Down at 21.43% confirm strong buying pressure, signaling a dominant uptrend. Meanwhile, the Relative Strength Index is holding at 82 for the second straight day, reflecting sustained bullish momentum, often a sign of more potential gains ahead.

Market Commentators Share Bullish Outlook

Market commentators have shared a bullish outlook for KAITO. Trader Team LAMBO Charts notes that the token has broken out of a bull flag pattern and has set a price target of $3, provided it first pulls back to $2. If KAITO reaches $3, he expects it to climb even higher, potentially hitting $5 in the long run.

Fellow trader CryptoBull_360 predicts a similar price target, noting that the altcoin has broken out of a symmetrical triangle pattern, another bullish signal on the 1-hour chart.

For more news and updates on the cryptocurrency market, visit Global Crypto News.