Keeta price breaks out of giant falling wedge, eyes upside to $0.57

Keeta price rallied nearly 40% over the past 24 hours to a 2-week high of $0.205 on Tuesday. A breakout from a falling wedge now positions the token for more upside in the coming weeks.

According to data from crypto.news, Keeta (KTA) price shot up 39% to $0.205 on Tuesday, March 31, before settling around $0.204 at the time of writing.

Keeta price rallied on community excitement surrounding upcoming announcements scheduled to be revealed later today, where Keeta teams will provide an update on recent progress and discuss upcoming releases. Cryptocurrencies often tend to rally ahead of significant announcements.

Market sentiment for the token also remains buoyed by Keeta’s ongoing plan to acquire a regulated bank using around $9 million in KTA reserves.

Through the move, the real-world asset-focused protocol aims to bridge traditional finance with crypto by establishing direct fiat on-ramps and off-ramps. This could potentially transform how users interact with digital assets by removing the friction typically associated with moving money between bank accounts and blockchain networks.

Additionally, recent updates to the Keeta Wallet, including a cross-chain fiat anchor, have also reinforced the project’s utility-focused roadmap and have bolstered investor confidence in the long-term viability of the ecosystem.

Keeta price analysis

On the daily chart, Keeta price has confirmed a breakout from a falling wedge pattern, a major bullish reversal indicator in technical analysis.

Cryptocurrencies have historically staged strong gains after breaking out from such patterns, especially if volume remains strong.

Technical indicators like the MACD and the Supertrend seem to point at bulls holding the advantage at the time of writing. The MACD lines have formed a bullish crossover while the Supertrend has flashed green.

Hence, Keeta price could target a rally to $0.57, a target calculated by adding the height of the falling wedge formation to the point at which the breakout occurred.

However, the token could see some volatility on the way as nearly $2.7 million worth of KTA tokens are set to be unlocked on April 5. As this would lead to an increase in the circulating supply of the token, Keeta could experience short-term selling pressure, especially if buyer demand does not match the incoming supply.