Kaia's price continues to show growth, reaching new heights due to increased investments in its decentralized finance (DeFi) applications.
Price Surge of Kaia
On June 24, 2023, Kaia's price rose to $0.1895, increasing by 85% from its lowest level this year. Currently, the market capitalization of the token exceeds $1.15 billion.
Increase in Assets in DeFi Applications
The reason for the rise in Kaia's price is the increase in assets in its DeFi applications. The total value locked in protocols rose by 20% over the past seven days and by 45% over the month, reaching $117.8 million. During this time, many decentralized applications in the Kaia ecosystem, such as Neopin, Lair Finance, KlaySwap, and DragonSwap, also showed an asset increase of over 40% in the last 30 days.
Technical Analysis of Kaia's Price
The current technical analysis indicates that Kaia's price has improved over the past few weeks, setting new price levels. The asset has broken key resistance levels and is above both the 50-day and 25-day exponential moving averages. The relative strength and MACD indicators continue to trend higher. It is expected that the price may drop to the psychological resistance level of $0.25, while a decline below the support level at $0.15 would invalidate the bullish outlook.
The increased interest in Kaia and its DeFi applications indicates a growing demand from investors, which may lead to further price growth in the near future.
