According to foreign media reports, KITE became one of the tokens with the largest declines that day, falling below the $0.2 support level and hitting a low of $0.18 before recovering slightly to around $0.19.

Significant liquidation occurred in the futures market.

Derivatives data shows a clear weakening of market sentiment. CoinGlass data shows that KITE open interest fell 15.4% to $63 million, but derivatives trading volume rose 98% to $78 million during the same period.

This combination of "declining open interest and increased trading volume" typically indicates that traders are accelerating the liquidation of positions rather than continuing to leverage. During the same period, futures outflows rose to $27 million, while inflows fell to $23 million, resulting in a net outflow of $3.73 million, suggesting that some funds are withdrawing.

Price momentum continued to weaken

The article argues that as futures traders shift towards a defensive stance, downward pressure on KITE has intensified. It notes that the RSI quickly fell from 74 to 49, indicating a significant weakening of short-term buying pressure.

Meanwhile, the negative DMI indicator rose to 43, the positive DMI indicator fell to 31, and the ADX rose to 59. Based on the original text, this data suggests that bears still dominate, and prices will face continued downward pressure in the short term.

Spot buying is still underway.

However, the spot market has not completely turned bearish. CoinGlass data shows that approximately $6.74 million of KITE flowed out of exchanges, compared to an inflow of $5.94 million, resulting in a net spot outflow of $755,000.

Negative net inflows typically indicate that some buyers are choosing to withdraw their tokens from exchanges, suggesting continued buying interest on dips. Foreign media outlets believe that if this demand persists, KITE has a chance to reclaim the $0.20 level; however, if selling pressure intensifies, the $0.18 level remains a key short-term level to watch.