📉 KITE under Pressure: Weekly Drop of 22% Shakes the Market 🔄
KITE, the AI infrastructure token, has experienced a notable contraction in its value, trading at 0.0827. In the last 24 hours, its price decreased by 3.66%, extending a drop of 22.24% in the last week. This bearish trend occurs despite recording a gain of 12.88% in the last 30 days, suggesting a sharp change in market sentiment and intense selling pressure that has swept away recent gains.
🔍 What does it mean?
Market Sentiment: The technical data, with an RSI of 31.02 and a bearish MACD, shows clear exhaustion among traders. The widespread risk aversion, reflected in the crypto fear index at 24, is driving capital outflows from altcoins and favoring Bitcoin's dominance, which worsens KITE's situation.
The KITE Project: The volatility observed after its listing on Binance, combined with a Fully Diluted Valuation (FDV) of 929M against a market capitalization of 148M, generates significant selling pressure. Early investors may be taking profits, while low liquidity and the "Seed Label" tag exacerbate price fluctuations.
Conclusion: KITE is at a critical point. Maintaining support at 0.08 will be key to avoiding further declines. Upcoming partnerships, such as the integration with Pieverse, could be a necessary catalyst to revitalize developer activity and investor interest in the current bearish tide. Investor attention is focused on on-chain activity and the evolution of its fundamentals to detect a possible change in direction. 📉🌐
