Kaia joins the Japan Blockchain Association, bulls aim to extend gains

Kaia (KAIA) extends upside for the third consecutive day, and hits a fresh four-month high trading above $0.1930 at press time on Friday. The resurgence in buying pressure aligns with Kaia's entry into the Japan Blockchain Association (JBA) as the first layer-1 blockchain and the launch of KaiaHub, which occurred earlier this week. With positive developments fueling the adoption of Kaia Chain in Asia, bulls are likely to extend gains.

Kaia strengthens the base in Asia

Kaia joins the Japan Blockchain Association, scaling the real-world adoption of blockchain in the Japanese market as it aims to boost businesses with its mini-decentralized apps (dApps). The JBA is the rebranded successor to the Japan Authority of Digital Assets (JADA), with a member list that includes Hitachi, Napa Solutions, Invesco, and other notable companies.

The layer-1 blockchain also announced the launch of Kaia Chain, which offers multiple Decentralized Finance (DeFi) services, dApps, portfolio services, and more, increasing the utility.

Earlier this month, Kaia’s chairman, Sangmin Seo, announced plans to integrate a Korean Won-pegged stablecoin, similar to a US dollar-pegged stablecoin (USDT).

Kaia Price Forecast: Key resistance breakout eyes further gains

Kaia extends upside and recovers above $0.1900 on Friday, reaching a four-month high of $0.1965 at the time of writing, resulting in an over 25% surge so far this week. The recovery run breaks above the 23.6% Fibonacci retracement, drawn from the all-time high of $0.4250 to the all-time low at $0.080, at $0.1614.

The breakout increases the possibility that Kaia’s uptrend could reach the 50% Fibonacci level at $0.2525, last tested on January 18.

The Supertrend indicator flashes a new bullish trend in motion with the new baseline at $0.14 on the daily chart. Furthermore, the Moving Average Convergence/Divergence (MACD) indicator trends higher alongside its signal line, signaling a boost in bullish momentum.

KAIA/USDT daily price chart.

On the contrary, if Kaia drops below $0.1614, it could test the Supertrend indicator’s baseline at $0.14. A new bearish trend could extend the decline towards the $0.1000 psychological level.