KITE hits a monthly high of $0.14 - Now it faces a critical test
Kite [KITE] is on the verge of clearing all recent losses amid a sector-wide rally. Since falling to a low of $0.09 and reclaiming $0.10, the altcoin has closed with higher highs. As a result, it held the $0.11 support, breached $0.13 resistance, and climbed to $0.14 before retracing. As of this writing, KITE was trading around $0.13, up 8% on the daily charts. Over the same window, the trading volume jumped 106% to $44 million, indicating higher market activity. Momentum to the upside holds firm With the price hike, KITE flipped the 20-day EMA. The flip suggests the likelihood of a sustained trend reversal, especially since the altcoin has been on a prolonged downtrend. Source: TradingView At the same time, its Normalized Smoothed MACD formed a bullish crossover and rose to -0.38. However, the NSM remains within the negative zone, suggesting that the trend has yet to fully flip bullish. As such, while it has experienced a shift in demand-side activity, the sell-side activity is still extremely elevated. Sentiment remains risk-off Interestingly, although KITE is showing upside momentum, sellers are still dominating the market. On the derivatives side, traders have shown no appetite for risk. Source: Coinalyze In fact, KITE saw over 18.3 million in perpetuals sell volume compared to









