The KAITO Token Airdrop on Base

The KAITO token airdrop on Base sparked notable price action, with the token increasing by 41.49% in the past 24 hours. As of press time, it is trading at $1.65. KAITO initially dipped but quickly rebounded, indicating strong market interest.

This price movement suggests upward momentum, yet critical resistance and support levels will determine its next actions. Meanwhile, derivatives market data shows stable trading activity, with short sellers facing larger liquidations.

KAITO Price Action and Trend Analysis

KAITO began trading near $1.12, briefly entering negative territory before buyers intervened. A significant upward push followed, lifting the token above $1.80 before a correction.

The pullback brought KAITO to its current price of $1.65, where it appears to be stabilizing. If it maintains above this level, it could create new support and enable further gains.

Related: KAITO Token Airdrop Launches on Base: Price Impact of ‘Claim Fee’ in Focus

Crucial Support and Resistance Zones

The price has established essential support zones at various levels. The $1.12 mark is the strongest support, being the lowest point before the rebound.

Another critical support is at $1.40, where price consolidation occurred before the upward movement. Additionally, $1.50 has emerged as a psychological level, providing short-term support during the recent pullback.

Resistance Levels and Potential Rallies

On the upside, $1.80 serves as the primary resistance, marking the highest price before sellers compelled the price downwards.

Another resistance level is $1.70, where the token experienced a brief pause before continuing its ascent. If KAITO holds at $1.65 as support, it may set the stage for another rally towards $1.80 and higher.

Market Sentiment and Liquidation Data

Coinglass data indicates that KAITO’s derivatives market remains active, with a trading volume of $5.88 billion and open interest of $85.52 million. The long/short ratio stands at 1.029, suggesting slight bullish sentiment.

Notably, liquidation data shows that short sellers experienced more losses. Over the past 24 hours, total liquidations reached $23.79 million, with $13.82 million from shorts and $9.97 million from longs.

Recent Liquidations Favor Bulls

In the last 12 hours, short traders lost $9.89 million while long traders faced $5.91 million in liquidations.

Related: AI Copy Trading Arrives: Woo X Launches “Man vs. Machine” Contest

The four-hour and one-hour liquidation figures also indicated greater losses for shorts, at $3.42 million and $1.96 million respectively. This data shows that traders betting against KAITO’s rise faced substantial losses, reinforcing bullish momentum.

Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice. Coin Edition is not responsible for any losses incurred due to the usage of content, products, or services mentioned. Readers are advised to exercise caution before making any decisions related to the company.