KAITO took the crypto world by storm with its recent airdrop, initially garnering excitement among users. However, its struggle to maintain interest post-airdrop isn't uncommon in the crypto landscape. The altcoin has seen a 7% dip in the last 24 hours, indicating short-term selling pressure. Nevertheless, it's still up by an impressive 60% since its launch.
The current state of KAITO BBTrend stands at -10.7, underlining a prevailing bearish momentum. Meanwhile, its ADX sits at 13.49, suggesting a lack of a clear trend direction. With price fluctuations oscillating between potential support at $1.35 and resistance above $2, KAITO is at a crucial juncture where it needs to solidify gains or brace for further correction.
Though KAITO BBTrend remains steady at -10.7, this marks a sharp reversal from its recent peak of 10.8. The sudden downturn signifies a shift from bullish to bearish sentiment in less than a day, indicating a surge in selling pressure.
The negative value of BBTrend signals potential downward momentum, with KAITO struggling around -10 to -11, hinting at enduring weakness and a possible continuation of the bearish trend.
In the realm of indicators, BBTrend offers insights into market momentum and trend direction by analyzing price movements within Bollinger Bands. The current negative BBTrend further accentuates selling pressure dominance and a predisposition towards downward momentum.
KAITO's ADX, currently at 13.49, has plummeted from 60 a couple of days back and 45 just yesterday. This rapid decline denotes a substantial loss in trend strength, indicating a probable shift towards a neutral or undefined trend direction.
With the current weak trend being reflected in closely positioned EMA lines, KAITO appears to be in a phase of indecision among traders, likely leading to a period of consolidation or sideways trading.
As the altcoin previously touched an all-time high near $2 on February 21 before undergoing a corrective phase, maintaining the $1.35 support level is crucial for upholding its bullish trajectory.
If this support level falters, KAITO could experience further decline below $1.2 or even drop to $1.1 amid heightened selling pressure. Conversely, a robust uptrend could enable KAITO to reverse the correction, aiming to surpass $2 and challenge the $2.12 resistance level for a potential new all-time high at $2.2.