KITE crypto attracts fresh leverage after 12% rally: Is $0.20 within reach?

Kite [KITE] crypto’s price surged 12.34% at press time, as AI sector rotation reinforced its outlook, with the expanding trading activity suggesting growing participation behind the rally.

Notably, this latest price advance emerged alongside improving conditions across the wider altcoin market. Furthermore, the Altcoin Season Index registered a weekly gain of 25%, implying increased capital rotation beyond Bitcoin [BTC].

Crucially, market participation also expanded rapidly alongside the price advance, with the spot volume jumping 76.43% to $34.6 million.

Moreover, the rally carried a stronger activity instead of relying solely on thin market conditions. Besides, AI-sector interest also gave buyers an outlook capable of supporting continued focus toward KITE.

Fresh leverage follows the rally

The market participants on the derivatives also increased their exposure as KITE advanced its price recovery. 

Notably, KITE’s Futures volume climbed 64.88% to $48.48 million, as its Open Interest (OI) increased 12.21% to $57.94 million as of writing. These simultaneous  expansions suggested fresh leveraged positions entered as investors responded to KITE’s price increase. 

Additionally, the positioning also leaned heavily towards further upside among the Binance’s top  traders. Specifically, the top trader’s Long/Short ratio by positions hit 4.7002, reflecting a significant long exposure.