KAIA is making a splash, but chasing it may not feel so good
$KAIA Over the next day or two, I’m leaning toward a pullback first. A gain of more than 50% in the past 24 hours is certainly tempting, but this morning’s rebound was pushed back down, and the current entry point feels awkward.
Looking at the spot market’s hourly chart, the price surged on high volume to 0.0680 USDT yesterday before retreating. It tried again at 0.0641 this morning, then fell back to around 0.058. The second attempt failed to break above the previous high, and the hourly candles at 9 and 10 a.m. both closed lower. The rebound couldn’t keep the price near its highs—that’s the main reason I’m concerned it may need to pull back further.
On the news front, South Korea’s market launched KAIA fee discounts and trading rewards yesterday. The promotion counts the trading volume of both buys and sells toward rewards, and I suspect that may have amplified short-term trading activity. But we can’t conclude that this was the reason for the rally, and higher trading volume doesn’t necessarily mean that buyers are planning to hold for the long term.
A short-term pullback doesn’t mean the entire rally is over, either. The price is still well above the roughly 0.038 level from before yesterday’s rise. If it can regain and hold around 0.064, that would make the buying pressure more convincing than it is now. That’s where the morning rebound was pushed back, and simply touching it intraday won’t be enough.
The top gainers list is certainly tempting. My worry is that I’ll jump in just as earlier buyers start taking profits—then I’ll have seen all the excitement but none of the gains.
#KAIA #CryptoMarket
$KAIA Over the next day or two, I’m leaning toward a pullback first. A gain of more than 50% in the past 24 hours is certainly tempting, but this morning’s rebound was pushed back down, and the current entry point feels awkward.
Looking at the spot market’s hourly chart, the price surged on high volume to 0.0680 USDT yesterday before retreating. It tried again at 0.0641 this morning, then fell back to around 0.058. The second attempt failed to break above the previous high, and the hourly candles at 9 and 10 a.m. both closed lower. The rebound couldn’t keep the price near its highs—that’s the main reason I’m concerned it may need to pull back further.
On the news front, South Korea’s market launched KAIA fee discounts and trading rewards yesterday. The promotion counts the trading volume of both buys and sells toward rewards, and I suspect that may have amplified short-term trading activity. But we can’t conclude that this was the reason for the rally, and higher trading volume doesn’t necessarily mean that buyers are planning to hold for the long term.
A short-term pullback doesn’t mean the entire rally is over, either. The price is still well above the roughly 0.038 level from before yesterday’s rise. If it can regain and hold around 0.064, that would make the buying pressure more convincing than it is now. That’s where the morning rebound was pushed back, and simply touching it intraday won’t be enough.
The top gainers list is certainly tempting. My worry is that I’ll jump in just as earlier buyers start taking profits—then I’ll have seen all the excitement but none of the gains.
#KAIA #CryptoMarket