Kite (KITE) surged 23% to $0.2715 after rebounding from a $0.21 dip, marking a week-long uptrend. The altcoin’s market capitalization rose to $488 million as significant capital flowed into both spot and futures markets, though futures data revealed a majority of new positions were short bets anticipating a price drop.
The cryptocurrency Kite [KITE] recovered from a low of $0.21 to touch an intraday high of $0.2718. It was trading at $0.2715, reflecting a 23.04% daily gain and extending its weekly positive trend.
Buyers returned with conviction following the drop, resulting in 1.3 billion in Buyer Volume against 805 million in Seller Volume. This created a positive Buy Sell Delta of 542 million, signaling aggressive spot accumulation.
On the futures side, KITE saw $70.72 million in Futures Inflows compared to $60.66 million in Outflows. According to Coinglass data, the altcoin’s Futures Netflow jumped 203% to $10.06 million.
Strangely, most new futures capital flowed into short positions. Data from Coinalyze shows the Long Short Ratio on Binance and Bybit dropped to 0.62, with shorts accounting for 61% of the total.
The price rebound was accompanied by a bullish crossover for the Relative Strength Index (RSI), which settled at 66. This signaled strong upward momentum driven by considerable buyer demand.
However, the altcoin remained below its Parabolic SAR, indicating significant seller threat. Historically, higher capital inflows across spot and futures markets have accelerated upside price momentum, leading to higher prices, as witnessed.
KITE is now testing its all-time high resistance at $0.28. A close above its Parabolic SAR would validate the bullish structure and could push the price toward $0.30.
If selling pressure persists and bears overwhelm bulls, the analysis suggests the altcoin could pull back to the $0.22 level. The market currently shows a clash between strong spot buying and a futures market leaning bearish.
