Keeta (KTA) has seen notable fundamental improvements that continue to shape its price action. Initially, the launch of its payment infrastructure sent the altcoin soaring, triggering a 37% rally on strong trading activity.
Over the past 24 hours, KTA is up another 15% at press time, after announcing a new partnership with UAE’s ASK Group. Here is what the agreement consists of:
Fundamentals and Activity Fuel KTA Price Action
According to a Keeta Network article on X (formerly Twitter), blockchain has formed a joint venture to tokenize Gulf products and modernize cross-border payments in the Middle East, Africa and Asia. These assets will be available worldwide.
This initiative led to a change in which on-chain volume increased by 500%, reaching $10 million. Not only was the volume present, but also the on-chain liquidity. Additionally, the total value locked (TVL) increased by 15% in the last 24 hours, surpassing $152,000. However, the numbers were minimal compared to other popular blockchains.
Additionally, the number of KTA holders is increasing, with the current figure at 22,371. According to Nansen AI, the distribution score was 16, indicating healthy biological propagation.
This increase in the number of holders resulted in a decline in foreign exchange balances of 2.61% during this period.
Can KTA bulls sustain the rally long enough?
On the charts, KTA price was rising but failing to stay above previous resistance levels. It swept through liquidity at $0.2252 and hit a daily high of $0.24, but immediately rejected that breakout.
Notably, KTA price was trading above the Ichimoku cloud, showing bullish strength. However, its price was falling, potentially to test the reversal of this indicator. Meanwhile, the significant drop in buying explains why KTA failed to reach the $0.26 price level.
The CVD showed a high of 2.12 million KTA tokens purchased, but it has since decreased to over 138,000 tokens sold. This trend indicates that the bulls are taking profits, which is why the rally cannot be sustained.
KTA’s price reaction to this news showed a classic “buy the rumor and sell the news”; hence, the token sold off after reaching $0.24. Therefore, this suggests that fundamentals alone cannot help the bulls sustain this rally.
Final summary
- Keeta Network leverages 15% through its partnership with UAE’s ASK Group to tokenize commodities and modernize cross-border payments.
- KTA price has swept through liquidity at $0.24 and has started to decline, but still remains above the Ichimoku cloud, suggesting that the bulls are still present.
