Keeta Breaks Through a Month-Long Wedge: Is KTA Set to Rise Toward $0.35?

Keeta up 15% amid Stripe deal: Is $0.35 next?

Keeta (KTA) has experienced a significant surge in both sentiment and price, rising over 15% amidst increased trading volume. With promising partnerships and previous successful rallies, many are speculating about the token's potential to reach $0.35.

Key Takeaways

KTA saw a price increase of over 15%, supported by a 70% rise in trading volume.
The token initially struggled within a wedge pattern but showed a potential reversal signal at $0.18.
Resistance is apparent in the $0.40 to $0.45 range, with a potential short-term target of $0.60.
On-chain data indicates minimal outflows and a shift in exchange inflows, hinting at profit-taking.
Future price movements could see KTA climbing further, possibly reaching $0.35.

Price Action Trends for KTA

The 4-hour price chart for KTA indicates that a rally began on November 21, gaining momentum following a key breakout. KTA initially misled traders with a downward breakout after being stagnant in a wedge pattern for a month. Despite bearish pressure, a strong support level emerged at $0.18, sparking the first signs of a potential trend reversal.

As KTA climbed from the $0.18 mark, it struggled with resistance at $0.30 due to profit-taking, as shown in the liquidity heatmap. This led to a brief sideways motion in the market before the structure began to shift.

Keeta
Source: TradingView

After some positions were closed, the stochastic RSI indicated a dominance of sellers. However, the Trend Strength Index (TSI) suggested that the bullish trend remains intact. If the upward trend persists, the $0.60 mark may be a feasible target in the coming sessions. Currently, KTA is facing resistance in the $0.40 to $0.45 range.

The liquidation heatmap revealed significant orders concentrated around $0.25, which played a crucial role in the recent breakout. After surpassing $0.30, the market experienced a pullback as orders were closed.

Keeta
Source: CoinGlass

While several orders are populating below $0.25, representing a larger concentration than those above $0.35, the clusters above $0.35 are relatively nearer to the current price compared to those at $0.23.

Analysis of On-Chain Exchange Flow Data

On-chain data reveals that outflows from exchanges remained low but saw an increase when KTA hovered around $0.25. The most significant withdrawal noted was 55,000 KTA, occurring just prior to the close of the previous day.

KTA
Source: Arkham

Following the price rally, the inflow of funds into exchanges increased, indicating that profit-taking was taking place. Meanwhile, while exchange inflows have significantly decreased, they are still present, suggesting that capital withdrawal is slowing down. KTA could potentially continue its upward trend, targeting the $0.35 mark or higher.

Concluding Thoughts

Overall, the increasing trading volume and recent price movements position Keeta as a token to watch. A clearer analysis of trading patterns and market sentiment may provide insight into KTA's journey as it aims for new price milestones.