KAITO Price Reaches Another All-Time High After 135% Weekly Increase

Key Takeaways

• KAITO reached a new all-time high on February 27.
• The price has increased steadily since its launch.
• How long will the KAITO price increase continue?
• Interested in buying or selling KAITO coin? Read our review of the best exchanges to buy and sell KAITO.

The KAITO price has increased since its launch on Feb. 20 and is already one of the top 100 largest cryptocurrencies, ranking at 95.

KAITO has shown immense strength during the ongoing crypto market correction, continuously setting new all-time highs.

With that in mind, let’s analyze the price movement and see how long this increase can continue.

KAITO Airdrop

KAITO is the governance token of the AI project InfoFI network. It launched on Feb. 20 and has garnered significant interest, as evidenced by its 24-hour trading volume of over $2 billion relative to the market capitalization of $670 million.

KAITO’s airdrop went live on Feb. 20. Nearly 57% of the supply went to the community, while the other 43% went to insiders.

Interestingly, only 31% of the airdrops were claimed , most of which happened on Feb. 20. Conversely, the amount of KAITO staked increased gradually each day, reaching 9.67 million on Feb. 27.

Thus, nearly a third of the airdrop is now staked, greatly reducing the circulating supply. This could be one of the reasons for KAITO’s parabolic price increase, which led to an all-time high of $2.93 on Feb. 27.

KAITO All-Time High

The hourly KAITO chart shows that the price increased immediately after launch before consolidating inside a symmetrical triangle.

The ensuing breakout from the triangle on Feb. 26 accelerated the rate of increase, leading to a new all-time high of $2.93 on Feb. 27.

While the rally is parabolic, technical indicators have started to show the first signs of weakness. This is visible in the hourly Relative Strength Index (RSI), which has generated a bearish divergence (orange).

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The wave count suggests the triangle is part of wave B in an A-B-C correction structure (green) with a target of $3.

The target is found by giving wave C the same length as wave A. The increase may already be over since the price has nearly reached the target.

If this is the case, KAITO could see its first correction, possibly falling to $2.

Alternatively, an extension of wave C could take the KAITO price to $3.75, giving it 1.61 times the length of wave A.

Both these scenarios remain viable because of the lack of price history and inconclusive readings. Whether the KAITO price can reach $3 is key in determining the future trend’s direction.

Upward Movement Continues

Since launch, the KAITO price has successfully increased, continuously making new all-time highs.

The first area for a possible local top is $3, while an extension could take the KAITO price to $3.75.