Kite Soars to Monthly High of $0.14 Amid Ongoing Bearish Pressure

Kite (KITE) has cleared its recent losses and is on the rise after hitting a monthly high of $0.14. The altcoin had been trading below $0.10, but has since reclaimed that level and broken through the $0.13 resistance.

As of this writing, KITE was trading at around $0.13, up 8% on the daily charts. The trading volume also saw a significant increase, jumping 106% to $44 million.

The momentum to the upside is holding firm, with KITE flipping the 20-day EMA and the Normalized Smoothed MACD forming a bullish crossover. However, the NSM remains in the negative zone, indicating that the trend has yet to fully flip bullish.

Despite showing upside momentum, sellers are still dominating the market, with over 18.3 million in perpetuals sell volume compared to 15.7 million in buy volume. The net buying is also negative at -11 million, and the daily delta is negative at -3.4 million.