Kaia [KAIA] traded within a steep downtrend for eight consecutive months, reflecting intense bearish pressure. However, after dropping to a low of $0.05, KAIA held firm, rebounded, and broke out of a multi‑month descending channel.
The altcoin surged from $0.049 to a two‑month high of $0.084 before a mild pullback. KAIA was trading at $0.079 when this article went to press, indicating a gain of 39.7% in the last 24 hours.
The market capitalization of the company surpassed $500,000,000.
What is driving KAIA’s growth?
Kaia wallet is integrated into ‘Magic Squad’
Metabora Games, in a significant boost to KAIA’s image, partnered up with Noestallagames for the launch of Web3’s Magic Squad.
Newly launched games have a feature that integrates gas abstraction. KAIA wallet. Users can pay fees for transactions without having to hold KAIA Tokens.
These integrations are usually successful in attracting real users and increasing the usefulness of tokens on the network. FurthermoreThe integration proved Kaia’s ability to create a Web3-like experience for users.
Buy with confidence across the entire market
You can also read our article on After KAIA Buyers, driven by the expansion of Web3 gaming into the market, entered and maintained the current level.
Coinalyze’s data shows that Binance and Bitfinex buyers jumped in and purchased the dip. KAIA’s Buy Volume was 144 millions, compared with 140 million Sell Volume.
The market has a Buy Sell Delta positive of 4,000,000, which reflects buyer dominance and a sign accumulation.
Coinalyze
As KAIA’s price continued to climb, traders entered the Futures market in an attempt to catch the rising trend.
CoinGlass reports that Derivatives volume grew by 1046%, to $360 Million, while the Open Interest (OI), at time of press, grew 279%, to $31,000,000.
It was a sign of increased participation, and capital flowing into the Futures. Over $123 Million was poured into Futures Positions, showing a higher demand for short or long positions.
CoinGlass
Binance top traders accounts dominated long positions, resulting in a KAIA Long/Short Rate of 1.04. If this ratio is greater than 1, then it indicates that the majority of participants are bullish, and have taken long positions in anticipation of higher returns.
What is the future of KAIA?
KAIA rose as investors stepped into the futures and spot markets to defend key levels. Investors continued to chase the altcoin rally even after it reached $0.06 as they feared missing out.
The altcoin’s Relative Strength Index made a bullish cross-over and rose to 70 at the time of press, reflecting total buyer dominance.
TradingView
The Directional Movement Index, or DMI, also made a positive crossover, climbing to 48. Meanwhile, the negative index dropped to 30.
These momentum indicators reaching such high levels can indicate the possibility of a trend continuation. So, if the buyer dominance is persistent, KAIA might regain $0.1 or even target resistance at $0.11.
In the event that the market bubble ruptures and the holders try to cash in on their profits, it is possible the altcoin could retrace down to $0.05.
Last Thoughts
- KAIA increased 39.7% from a 2-month The high was $0.084 before a slight retracement to $0.079 by the time of press.
- KAIA rallied when buyers came in to defend important levels. Kaia wallet integration was the main driver. Magic Squad, a Web3 game.
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Source: ambcrypto.com
