Kaia has appeared as one of the top-performing altcoins for the past 24 hours, with over 12% rising amid growing market activity.
Technical and chain metrics point to an increased purchasing pressure, suggesting that Altcoin may be ready for further profits.
Kaia Rally builds Steam
Kaia/USD One-Day Chart measurements show an increase in Altcoin’s Chaikin Money Flow (CMF), indicating strong investors’ demand. At the time of this writing, the CMF is standing at 0.19 and heading upwards.
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The CMF indicator tracks the flow of ingress and out of assets over a specific period of time. Combine price and volume data to assess whether assets are accumulated or distributed.
Positive CMF measurements above zero indicate that assets are more frequently closed in the top range of prices during the measurement period, suggesting that buyers are under control. Conversely, negative measurements refer to sales pressure.
For Kaia, the CMF’s sustained climbing suggests that bullish momentum is gaining traction. This will lay the foundation for another foot in the near future.
Furthermore, open interest in its futures has risen, confirming market optimism. According to Coinglass, this was $25.71 million at press, an increase of almost 10% over the past day.
Open interest on assets’ futures measures the total number of unresolved futures contracts that have not yet been resolved. As prices rise, it indicates that new money is entering the market to support general trends rather than liquidation-driven movements.
In Kaia’s case, an open interest rise suggests that traders are opening fresh long positions and supporting the bullish outlook mentioned above.
If $0.1869 of support is retained, Kaia Eyes will get a fresh profit
At Press Time, Kaia trades for $0.1684 and rests at $0.1869 on the support floor. If purchases continue and this price floor is enhanced, it could drive Kaia to $0.1869. If demand rises at this level, it could push Kaia to $0.20.
Conversely, immersing yourself in accumulation can lead to a violation of $0.1640 support. If this occurs, Kaia could drop to another $0.1480.
Post-Kaire will surge 12% as a build-up of demand – $0.20 is the next goal? It first appeared in Beincrypto.
