KILT Protocol (KILT) is in the process of creating a long-term bullish reversal pattern. Confirmation could help the token rise by over 230% from its current level.

Interest in the decentralized identity (DID) field is increasing, as Binance’s recent Launchpad projects Galxe (GAL) and Space ID (ID) are both related to this area.

KILT is a parachain in the Polkadot ecosystem that provides secure, scalable, and decentralized digital identity solutions. On March 28, the KILT Protocol partnered with Bitcoin Suisse to make it easier for institutional investors to access the project.

Inverse Head and Shoulders Pattern

The KILT Protocol (KILT) price has been on a long-term downtrend since reaching an all-time high of $15 in November 2021. The decline led to a low of $0.21 at the end of November 2022.

The price has since risen and tested the $0.75 resistance level. Although rejected, KILT appears to have created a higher low in the week of March 6-13 and is currently forming the right shoulder of an inverse head and shoulders pattern. This is a bullish pattern that typically appears at the end of a downtrend.

This pattern will be completed when the price breaks above the $0.75 resistance level. The weekly RSI indicator supports this possibility by creating a significant bullish divergence and the divergence line remains intact.

If so, the price could rise to the pattern target of $1.3, marking a 233.1% increase from its current level.

KILT/USD weekly chart. Source: TradingView

20-day MA

The KILT price has respected the 20-day MA line for over four months. KILT typically begins a new trend when the price breaks above or breaks below this MA.

After bouncing from the horizontal support level of $0.33, the KILT price has created a higher bottom and is currently retesting the 20-day MA. As mentioned above, a successful breakout could help KILT start a new uptrend. The nearest target is $0.75.

The RSI indicator supports the possibility of a breakout as it has broken above the downtrend line. Such breakouts typically occur before a price breakout.

This outlook will be invalidated if the price breaks below the support level of $0.33. If so, it could fall to the annual low of $0.21.

KILT/USD daily chart. Source: TradingView

Conclusion

The most likely prospect shows that KILT will break above the 20-day MA and rise to at least $0.75.

Breaking the $0.75 level would help KILT complete the inverse head and shoulders pattern with a target of $1.3.

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This article was republished from azcoinnews.com

In a major development in the world of cryptocurrency, Bitcoin Suisse has announced its support for KILT as part of their offering for institutional investors. This makes Bitcoin Suisse the first custodial crypto-financial services provider in the world to offer institutional users secure access to the KILT blockchain.

KILT is a blockchain identity protocol that allows for the creation of self-sovereign, decentralized identifiers and verifiable credentials. The network is powered by its native token, KILT, and offers secure identity solutions for both enterprises and consumers as a fundamental layer for Web3.

The KILT Protocol was one of the first projects to build on Substrate, a modular blockchain system that offers seamless integration with Polkadot. In September 2021, KILT launched as a Kusama parachain, and in October 2022, became the first blockchain in the ecosystem to move in its entirety from Kusama to Polkadot in order to leverage the stability and bank-level security required by enterprise customers.

According to Dr. Dirk Klee, CEO of Bitcoin Suisse, the addition of KILT to their Vault will provide their institutional clientele with access to an identity token that has exciting use cases across financial services and KYC, media, gaming, music, NFTs, and IoT. He went on to say, “Identity is a critical layer for Web3, and KILT Protocol is leading the way to widespread adoption of Web3 and decentralized technologies. Consumers are increasingly demanding more autonomy and control of their data across all facets of their digital lives.”

The offering includes custody and brokerage of KILT, as well as governance voting, and is geared towards organizations, external asset managers, and family offices.

This announcement is significant because it highlights the growing importance of blockchain identity protocols and their potential use cases across a variety of industries. With the support of Bitcoin Suisse, KILT is well-positioned to gain further adoption and usage by institutional investors, furthering its goal of becoming a fundamental layer for Web3.

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This article was republished from azcoinnews.com