- Keeta broke out beyond $0.9, but saw obstinate sellers at the $1-mark in recent hours
- Rising demand in recent weeks suggested that a bullish breakout may be imminent
Keeta’s [KTA] crypto bulls used May to its fullest potential. Even as the altcoin’s market cap growth stagnated at around $1.12 trillion, capital inflows into Keeta crypto didn’t slow down. In fact, since 10 May, KTA has rallied by 359% on the charts.
The “high-performance Layer 1” token was listed on BitMart on 19 May. Keeta released its software development kit (SDK) on 16 May. It has a max transactions per second (TPS) of 47,500, and achieved 1,722 txns/s on Monday, according to Chainspect data.
It traded within a range from 19 May to 01 June. This range extended from $0.62 to $0.9, with its mid-range level at $0.76. At press time, the token had achieved a breakout beyond the range high and retested the same level as support.
This breakout came a few hours before at press time. Additionally, data from CoinMarketCap revealed a massive hike in 24-hour trading volume, with gains of 169%. This may be an encouraging finding for bulls betting on further gains.
Keeta crypto is likely to breach the psychological $1 barrier
Source: KTA/USD on CoinMarketCap
The 1-hour chart highlighted the short-term range formed over the past two weeks. Based on KTA’s move from the high to the low of the range between 22-23 May, a set of Fibonacci retracement and extension levels was plotted.
As a result, the 50% retracement level at $0.76 coincided with the mid-range level. A close look at the Keeta crypto chart revealed that this level was respected as support multiple times since 19 May. This solidified the idea of the range.
After registering exceptional gains earlier in May, it appeared to be a positive sign that the token took a while to consolidate under $1. Also, the OBV has slowly but steadily trended higher in recent weeks despite the range formation, highlighting steady demand.
At press time, the RSI signaled strong bullish momentum. The extension levels overhead at $0.989 and $1.1 would be the immediate price targets for Keeta crypto.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
