$KITE experienced a short liquidation of $1.8364K at the $0.24355 price mark, indicating that bearish traders were forced to exit as the market moved higher than expected.
This type of liquidation usually confirms that upward momentum entered the market suddenly, catching short sellers off guard. When shorts close their positions, they must buy back the asset, which can create additional upward pressure and support the current move.
It also shows that the recent price zone around $0.24 is becoming active, with strong reactions from traders. This level may now act as a short-term support area if buyers continue defending it.
In the near term, $KITE may either continue climbing if bullish sentiment stays strong, or enter a consolidation phase as the market absorbs the recent move and prepares for the next direction.
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KITE
0.2164
+5.35%