- Kamino Finance’s KMNO token jumped 15% after Binance confirmed its listing for spot trading.
- This move followed a breakout from a bearish wedge pattern that had formed since December.
- The RSI and Awesome Oscillator confirm bullish sentiment, pointing to a possible continuation.
- If the rally sustains, KMNO could test $0.11 and target $0.16; a reversal could drop it to $0.040.
KMNO, the native token of Solana-based DeFi protocol Kamino Finance, has surged 100% over the past month. The latest leg of the rally came after Binance announced its decision to list the token, sending prices up by 15% within hours.
Before the listing, KMNO traded near $0.069. It jumped to $0.088 following the news, marking a new local high.
But can the momentum hold? In this analysis, we break down KMNO’s short-term price prospects.
Binance Listing Sends KMNO Soaring
On the daily chart, CCN observed that the rally happened after KMNO broke out of a falling wedge. From the image below, we observed that the Kamino Finance price has dropped from $0.24 in December to $0.38 last month.
This decline led to the altcoin hitting lower highs and lows, forming the wedge. However, amid rising buying pressure in mid-April, KMNO broke above the upper trendline of the wedge.
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This drove the price to $0.079. Adding to that breakout, Binance announced that it listed the cryptocurrency for spot trading today. As a result, the price rally extended to $0.088.
Following this move, the Relative Strength Index (RSI) on the KMNO/USD daily chart soared, indicating bullish momentum. The Awesome Oscillator (AO) also followed similarly, validating the bullish bias around the token.
Trading Volume Adds to the Bullish Outlook
Looking at it from an on-chain angle, the Kamino Finance Binance listing also triggered a surge in its volume. Before the listing, KMNO’s trading volume was less than $70 million.
As of this writing, the volume has surged beyond $200 million, indicating that the development has driven market interest in the altcoin. From a price perspective, the rising volume plus increasing price is bullish.
Assuming the volume drops, the Kamino Finance rally might become weak. If that happens, KMNO could decline and lose most of its gains today.
But since it is the former, the cryptocurrency’s value might rise above the highest point of the wick.
KMNO Price Analysis: Higher Highs
In addition, CCN looked at the daily chart again. As seen in the image below, the green line of the Supertrend indicator is below Kamino Finance’s price.
This indicates a buy signal, contrary to the period when the red line is above the price.
Should this trend remain the same, KMNO might breach the $0.11 resistance at the 0.618 golden pocket ratio. If validated, the altcoin’s next move could be a rally toward $0.16.
However, if profit-taking rises, this trend might change. In that case, KMNO could decline below the wedge’s upper trendline and hit $0.040.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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