Kite [KITE] faced sharp bearish pressure after rejection near $0.31 four days ago. The token slid to $0.20, breaking below short-term moving averages.
At press time, KITE traded at $0.2018, down 7.78% on the daily chart. Weekly losses extended to roughly 11%. Spot and derivatives data showed traders positioned for further downside.
KITE weakens as momentum turns bearish
After touching $0.30, KITE saw aggressive profit-taking for two consecutive sessions. Sellers overwhelmed buyers as broader market sentiment weakened.
Geopolitical tensions added to the risk-off tone as February closed. That shift set up renewed downside pressure across altcoins.
On the 1D chart, the price broke below the ascending channel support. This breakdown confirmed short-term structural damage.
At press time, the Buyer-Seller Strength indicator showed -39 and -43 readings on its components. That indicated dominant sell-side pressure.
Seller’s Strength stood at 80.77, while Buyer’s Strength dropped to 19.22. This imbalance reinforced bearish control.
Investors reduce exposure, risk appetite plummets
Even so, the futures market offered additional confirmation.
Open Interest fell 17.26% to $55.47 million, while Volume rose 33.91% to $178.42 million. That divergence typically indicated positions closing amid heavy trading activity.
At press time, Long/Short Ratio stood at 0.8501. On Binance, the Long/Short Ratio was 0.4601.
Binance Top Trader Long/Short printed 0.4443. Meanwhile, Top Trader Long/Short (Positions) showed 1.6191.
That split suggested retail accounts leaned short, while larger positions remained comparatively balanced.
Is $0.2 support at risk?
KITE experienced strong downside momentum as sellers dominated both spot and futures markets. For that reason, the altcoin’s Relative Strength Index (RSI) fell below 50, dropping to a low of 47.
With the RSI settling in the bearish zone, it indicated a strong selling pressure. Likewise, the altcoin fell below EMA20 at $0.22, validating this bearish move.
Momentum indicators are both showing weakness, signaling a potential continuation of the trend. The continuity of the prevailing trend could see KITE lose $0.2 support and drop to $0.18, where EMA50 sits.
For a trend reversal, KITE needs to hold $0.2 and flip the $0.22 resistance level; failure to do so will keep the bearish trend going.
Final Summary
- KITE fell to $0.2018 after rejection near $0.31, extending weekly losses to roughly 11%.
- Buyer-Seller Strength printed -39 and -43, confirming strong sell-side pressure.
