KAITO (KAITO) Reclaims $2 Mark, Targeting New All-Time Highs

KAITO, the native token of the AI-driven decentralized network Kaito, has reclaimed the $2 mark for the first time since March 3.

The native token of the AI-driven decentralized network Kaito, (CRYPTO: KAI ) has reached the $2 mark for the first time since March 3.

This surge, which follows a 150% rally in the past week amid a broader altcoin rebound, puts Kaito about 30% away from retesting its all-time high.

But can the momentum last? CCN breaks down what could come next.

Kaito Price Rises From Lows

Kaito’s price reached a new all-time low in April, dropping to $0.67. Since then, the altcoin has increased by over 200%, trading at $2.04 at press time.

On the daily chart, Kaito was able to stage this recovery due to the formation of a golden cross. For context, a golden cross occurs when a shorter Exponential Moving Average (EMA) rises above the longer one.

This trend is typically bullish. As seen below, both the 20 EMA (blue) and 50 EMA (yellow) are below Kaito’s price, with the former also moving above the latter.

Adding to the breakout, Kaito also surged past the upper trendline of a falling wedge. A falling wedge is a bullish pattern that signals a potential trend reversal or continuation to the upside.

It forms when the price is consolidating between two downward trendlines converging, showing that the rate of decline is slowing down.

From the chart, the Kaito breakout was validated after bulls defended the support at $0.69, and the altcoin broke the $1.04 resistance.

If this trend continues and the EMAs maintain their positions, then Kaito’s price might rise higher.

Support Strong

Another indicator supporting the extended uptrend is the In/Out of Money Around Price (IOMAP). The IOMAP shows support and resistance by tracking the volume of tokens at unrealized profits or losses.

The higher the volume of tokens in unrealized profits, the stronger the support. On the other hand, a higher volume of losses indicates resistance.

According to IntoTheBlock’s data, the significant support for Kaito lies between $1.76 and $1.82. At this price level, 675 addresses accumulated about 3.31 million Kaito.

This volume is superior to those purchased between $2.07 and $2.38. As such, Kaito’s price could encounter difficulty breaking through current resistance and, if confirmed, might quickly set a new all-time high.

Kaito Price Prediction: $3 Next?

Concerning the short-term outlook, the Relative Strength Index (RSI) reading has increased, signaling increasing bullish momentum around Kaito.

Amid this rise, the cryptocurrency is likely to pierce the upper-level resistance at the 0.382 Fibonacci level, which is also positioned at the peak of the latest green candlestick.

If this upward trend continues, Kaito’s price might break through $2.45. From there, it could rally further to reach a new all-time high of $3.

However, if bears regain control and selling pressure intensifies, Kaito’s market value might decline from current levels.

The next support lies at the 0.236 Fibonacci level, or at $1.57. At this price band, 365 addresses have Kaito tokens valued at $1.46 million.