The cryptocurrency KITE has faced significant selling pressure, dropping over 30% from its recent high near $0.31 to trade at $0.2018. Technical indicators and derivatives data confirm dominant bearish momentum. Both the spot and futures markets show traders are positioned for further downside, risking the crucial $0.20 support level.
The token KITE slid to $0.20 after facing rejection near $0.31 four days ago. This move represented a daily loss of 7.78% and extended weekly losses to roughly 11%.
After touching $0.30, aggressive profit-taking occurred for two consecutive sessions. Broader market sentiment weakened alongside geopolitical tensions at February’s close.
On the daily chart, the price broke below ascending channel support. This breakdown confirmed short-term structural damage for the altcoin.
The Buyer-Seller Strength indicator showed readings of -39 and -43 at press time. Seller’s Strength stood at 80.77, while Buyer’s Strength dropped to 19.22.
Open Interest fell 17.26% to $55.47 million, while Volume rose 33.91% to $178.42 million. This divergence indicated positions were closing amid heavy trading activity.
The Long/Short Ratio stood at 0.8501 overall. On Binance, the Long/Short Ratio was 0.4601, and the Binance Top Trader Long/Short printed 0.4443.
KITE’s Relative Strength Index fell below 50 to a low of 47, indicating strong selling pressure. The altcoin also fell below the EMA20 at $0.22, validating the bearish move.
Momentum indicators are both showing weakness, signaling a potential continuation of the trend. For a trend reversal, KITE needs to hold $0.20 and flip the $0.22 resistance level.
