KAITO Price Prediction for March 6: Can $1.80 Support Level Launch Price to $2.20 Breakout?

• KAITO eyes $2.20 resistance as bullish momentum builds above $1.80 support.
• Derivatives volume surges 82.43%, signaling increased trader engagement.
• Analysts project a 121.06% price swing, with a potential high of $7.13.

KAITO’s price movement has gained significant traction, surging 20.18% in the past 24 hours to reach $1.83. 

The asset rallied sharply from $1.52 to $2.20 before dropping back to the $1.80 range. This increase has come with a 112.25% rise in trading volume, reaching $1.01 billion. 

In addition, the market cap has grown by 20.10%. This shows strong demand and more investor participation. With bullish sentiment strong in the market, traders are watching key price levels carefully. They are looking for potential breakout or retracement signals.

Key Support Levels Offer Foundation for Potential Upside

The present price movement highlights important support and resistance levels. If the price holds at $1.80, it could serve as a strong foundation for further upside momentum.

Below this, minor support exists between $1.60 and $1.65. Meanwhile, $1.52 remains a critical floor, since it was the base before the recent surge.

On the other hand, the $2.00 level, which is psychologically significant, could be tested again if buying pressure continues. A retest of the $2.20 resistance is still possible should bullish momentum persist. However, profit-taking at this level previously caused a pullback.

Market Indicators and Trading Activity

Technical indicators suggest a potential shift in momentum. The Relative Strength Index (RSI) stands at 48.06, recovering from oversold levels. This suggests that the asset may gain strength if buying pressure continues. 

Additionally, the Moving Average Convergence Divergence (MACD) indicator is beginning to curve upward. The MACD line sits at 0.0069, while the signal line is at -0.0916. The histogram remains negative but is showing signs of improvement, indicating a possible bullish crossover.

Derivatives Market Activity Surges, Trader Engagement Rises

KAITO’s derivatives market activity has surged significantly. Coinglass data indicates that the trading volume has risen by 82.43%, reaching $2.58 billion. 

At the same time, open interest has climbed 94.06%, now at $139.87 million. Higher open interest suggests more trader engagement. This could push prices further.

KAITO Price Prediction for March 6

Coincodex analysts anticipate KAITO’s price to experience substantial volatility in March. 

A projected 121.06% price change points to a potential high of $7.13 and a low of $1.82. They forecast an average price target of $4.08.

Positive ROI Forecast & Key Price Levels for Traders

The asset has already posted a 51.25% gain in the past 30 days. This strengthens the possibility of ongoing upward momentum. The projected return on investment (ROI) is at 285.86%. This presents an appealing opportunity for long traders.

If KAITO stays above $1.80 support, it may try another breakout toward $2.00 and $2.20. However, if it cannot hold this level, the price could fall back toward the $1.60 – $1.65 range before possibly rebounding.