Kaito token price surged to its highest level since March 2 as demand for cryptocurrencies jumped.
Kaito (KAITO), a top player in the artificial intelligence and data analytics industry, rose to a high of $2.2524, up by 240% from its lowest level this year. This rally brought its market cap to $525 million and its fully diluted valuation to $2.17 billion.
Kaito token jumped as the mood in the crypto market improved, as Bitcoin (BTC) soared to a record high. This surge pushed most altcoins higher, with tokens like Cookie DAO, Haedal Protocol, Grass, and Dogwifhat soaring by over 20%.
Kaito has also jumped as more people staked their tokens. Data show that it has a staking yield of 11%, higher than popular tokens like Ethereum (ETH) and Solana (SOL).
Per Dune Analytics, there are over 15,000 stakers in the network, while the total Kaito tokens jumped to a record high of 21 million KAITO.
More data shows that Kaito made over $32.9 million in the first quarter as the number of monthly yappers rose to over 200,000. These numbers mean that the Kaito ecosystem is growing.
Kaito price also jumped as CoinGlass data shows that the weighted funding rate exited the negative zone, where it has remained since May 10. The rate rose to 0.0038%, the highest point in weeks.
Kaito funding rate | Source: Coinglass
A positive funding rate is a sign that investors anticipate that the Kaito price will be higher in the future than it is today.
Kaito price technical analysis
Kaito price chart | Source: crypto.news
The eight-hour chart shows that the Kaito token price made a strong bullish breakout on Wednesday. It moved above the important resistance level at $2.1267, the upper side of the forming bullish flag chart pattern. A bullish flag is a popular continuation sign.
It has moved above the 50-period moving average and the 61.8% Fibonacci Retracement level. It is also being supported by the Supertrend indicator, a sign that the bulls are in control.
Therefore, the path of the least resistance for the Kaito price is bullish, with the next point to watch being the all-time high of $2.92, up by 32% above the current level. A move below the support at $2 will invalidate the bullish view.