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crypto.news 2025-02-27 09:38:49

Here’s why KAITO rallied over 40% today

KAITO crypto soared 41.5% on Feb. 27, outpacing the broader crypto market, which fell by 4.1% over the past day. According to data from crypto.news, Kaito ( KAITO ) surged to an intraday high of $2.52, bringing its market cap from $440 million to over $600 million at press time. Its price rally occurred in a high-volume trading environment, with daily trading volume doubling over the past day, reaching over $1.97 billion. KAITO’s rally followed a jump in demand among its derivative traders. CoinGlass data shows a nearly 66% increase in open interest in the KAITO futures market, hitting an all-time high of $192 million. At the same time, its weighted funding rate is bouncing back from negative territory, suggesting traders are turning more optimistic, possibly eyeing profit opportunities. The AI-based altcoin also 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 typically tend to ride Nvidia’s hype . Alongside KAITO, MyShell (SHELL) jumped 27%, and CARV (CARV) soared 68%. You might also like: Bitcoin price under pressure as $5b options expiry looms Meanwhile, whales have also taken an interest in the token. An unidentified whale wallet has bought back $1.39 million worth of KAITO, according to data from Arkham. The same whale sold over 110,000 airdropped KAITO tokens last week. Whale activity is often seen as a bullish signal by retail investors, which likely added fuel to today’s rally. KAITO price analysis Multiple technical indicators have flagged bullish signals. On the 4-hour KAITO/USDT price chart, KAITO has been forming higher highs and lower lows, suggesting that the buying pressure is significantly higher than the selling pressure. KAITO price, Aroon and RSI chart | Source: crypto.news It has also broken past resistance at $2.1, which it failed to surpass three times in February. The Aroon Up indicator at 100% and Aroon Down at 21.43% confirm strong buying pressure, signalling 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 have also shared a bullish outlook. According to trader Team LAMBO Charts, KAITO 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 predicted a similar price target, noting that the altcoin has broken out of a symmetrical triangle pattern, another bullish signal on the 1-hour chart. Read more: HMSTR price could rise 260% after Hamster Kombat L2 launch Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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