Kaito Whale Buying Fails to Stem Price Decline Amid Bearish Futures Market
Kaito has been experiencing a strong downtrend since being rejected at $1.37 nearly two weeks ago, according to market data.
The altcoin's price dropped from its rejection point and breached the $0.7 support level, reaching as low as $0.65 before rebounding slightly to trade around $0.67 at press time.
This decline has resulted in a 31% drop on the weekly charts for Kaito, with a corresponding decrease in trading volume of 54% and a market cap of $163 million.
Despite this bearish trend, one whale has taken advantage of the dip to accumulate more Kaito, buying 1.917 million units worth approximately $1.32 million from Coinbase.
This accumulation is seen as a bullish sign by some market analysts, indicating that whales expect the market to recover in the near term.