$KITE Rallies to Monthly High Amid Sector-Wide Rally, But Sellers Dominate Market

Kite [$KITE] has been on the verge of clearing all recent losses amid a sector-wide rally. The altcoin has closed with higher highs since falling to a low of $0.09 and reclaiming $0.10, holding the $0.11 support and breaching the $0.13 resistance.

The price climbed to a monthly high of $0.14 before retracing, as of this writing trading around $0.13, up 8% on the daily charts with over 106% increase in trading volume to $44 million.

Momentum to the upside holds firm, with the price hike flipping the 20-day EMA and a bullish crossover formed by its Normalized Smoothed MACD.

However, despite this positive trend, sentiment remains risk-off with sellers dominating the market. On the derivatives side, traders have shown no appetite for risk, with over 18.3 million in perpetuals sell volume compared to 15.7 million in buy volume.