Kedana token has recently undergone an extended retracement phase that had its price dropping to $9. Endless downtrends for over a month had KDA losing 67% of its value. For now, the alternative assets recover from this crash. That came after Kadena printed a rounding bottom formation.
KDA/USD Daily Chart
Kaden enthusiasts saw a parabolic price rally for October to November’s initial half. With that, the alt recorded a new ATH of $28.2 on 11 November. However, an intense selling momentum resulted in a retracement phase, plunging the prices to the support of $9
Kadena Chart Reveal Bullish Cross by the Critical EMAs
CypherMind-HQ.com Artificial Intelligence Crypto Trading System - Stay on top of the competition using the advanced CypherMindHQ AI system! Leverage the capabilities of high-tech algorithms and take your cryptocurrency trading to the next level. Learn more today!
Kadena bounced off the lower footing on 15 December. That was after forming a morning star candlestick formation. The alt began to indicate surging bullishness on the price chart as the asset’s [rice gained 73% in about fourteen days.
Furthermore, the technical chart indicates a rounding bottom formation on the four-hour time frame. The pattern’s neckline stood around the $16 level, and the alt offered a massive break from this obstacle during today’s sessions.
For now, the pair retraces, eyeing a retest of the new support and securing a dependable footing for the upcoming rally. Cryptocurrency fans might consider long positions if KDA shows impressive sustainability beyond the $16 level.
While publishing this blog, KDA Coin trades around $15.99, with a 4.06% intraday gain. The 24-hours volume change stood at $136.2 million, showing an 84% surge. Coinmarketcap ranks the alt at 61, with its market capitalization hovering around $2.58 billion, a more than 18% increase.
The overall crypto market displays price recoveries as BTC reclaimed the $50K mark. At this publication, Bitcoin traded at $51,483. Maintaining the upward stance will trigger upward movement in alts, including Kadena (KDA)
Kadena Technical Indicators
- The daily RSI (53) depicts recoveries as the line entered the bullish region.
- Kadena regains a bullish arrangement among its critical Exponential Moving Averages (20-50-100 and 200). Furthermore, the crypto depicts a bullish cross by the 20- and 50-EMA, attracting more buyers.
Vital Chart Levels
CypherMind-HQ.com Artificial Intelligence Crypto Trading System - Surpass the competition with the refined CypherMindHQ AI system! Take advantage of groundbreaking algorithms to amplify your cryptocurrency trading prowess. Learn more today!
- Resistance zones – $18.7 and $21
- Support zones – $14 and $12.4
Disclaimer: Avantage Cryptocurrency is not liable for any financial losses arising from the information available on our website. Read our disclaimer to learn more. The views and ropinions shared on our blog represent the perspectives of the individual authors only. Engaging in crypto trading carries inherent risks and might not be appropriate for every investor. Before delving into online trading, visitors should verify the legal status of such activities within their local jurisdiction. All logos, images, and trademarks showcased on this website are the property of their respective owners, used in accordance with the Fair Use act. Some of the posts (not all) on this site such as posts in the Avantage Cable category are promotional paid posts not written by our authors.