KAITO Price Analysis: Will it Hit $3?

KAITO experienced a slight pullback from its all-time high (ATH) of $2.92 just two days ago. While attempting to reclaim that peak, broader market trends are currently exerting downward pressure.

KAITO's Price Tied to Bitcoin

KAITO's price is increasingly correlated with Bitcoin's performance. This means KAITO's price movements are closely mirroring Bitcoin's. As Bitcoin recently recovered from an intraday low of $78,250 to $84,719, the overall market sentiment could shift positively. A continued Bitcoin uptrend could propel KAITO higher, assuming this correlation strengthens.

Market Sentiment Remains Cautious

Despite this bullish potential, trader sentiment remains mixed. KAITO's negative funding rate, which has increased over the past 24 hours, indicates many are betting against the altcoin. Short contracts outweigh long contracts, suggesting hesitation around KAITO's recovery. This uncertainty could temporarily stall price movement.

KAITO Price Action and Key Levels

KAITO is currently trading around $2.22, slightly below the $2.26 resistance level. While the broader market seems favorable for a potential recovery, breaking this resistance will be key. A sustained negative funding rate could hinder further gains.

In the near term, KAITO may consolidate between $1.86 and $2.44. Breaking above $2.44 would signal a potential rally towards the ATH of $2.92 and even above $3.00. Failure to break $2.44, however, could lead to further consolidation below this level, with a potential drop below $1.86 signaling a bearish continuation.

Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research and consult a professional before making any investment decisions.