$KAIA #cvtx #KAIA Chart Analysis
KAIA has recently risen close to TP#2, as mentioned a few days ago.
From an Elliott Wave perspective, it seems likely to reach the level where the 5th wave (TP#3) will be
#completed soon.
On the positive side, KAIA is currently only available for
#spot trading, with no futures trading yet.
This means there are no short positions in the market. If the sell-side supply can be absorbed, KAIA could potentially rise well beyond the TP#3 target I anticipated.
However, I believe some traders will likely take profits around TP#3.
If the buying momentum continues to push prices higher, it’s hard to predict how far it could go, but a resistance zone will likely form.
To reiterate, it wouldn’t be surprising if a significant rally occurs suddenly.
Have a great day!
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