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The KDA coin price hints at a bearish downfall of the descending triangle in the 4-hour chart as the trend gains bearish momentum.
Kadena is a project in the blockchain which was created in the hands of two tech engineers that were employed by JP Morgan. Kadena hopes to shake up the rapidly growing industry of blockchain infrastructure. It is an extremely powerful Ethereum-killer that helps developers create super fast and extremely scalable platforms.
Let us now move ahead to the technical analysis of the Kadena token.
Past Performance of KDA
The KDA token price action forms a descending triangle pattern in the 4-hour chart. Moreover, the coin price shows lower high formation within the pattern. Hence, traders can find entry opportunities at the pattern breakout.
Moreover, the chances of a bearish breakout of the descending triangle increase as the price loses bullish momentum. Hence, safe traders looking to catch a directional move can wait for the pattern breakout.
KDA/USD Daily Chart
KDA Technical Analysis
The breakout of the $16 mark can bring an excellent selling opportunity as the following support levels as per the KDA price action are at $13 and $10.5 marks. However, a bullish reversal from the support zone can find resistance near the trend line of the descending triangle or at the $23 mark.
The RSI indicator shows an increase in bearish momentum as the slope crosses below the neutral line (50) within the 4-hour chart. Hence, the slope enters the nearly oversold zone. Hence, the indicator gives a selling signal.
The MACD and the Signal line struggle to rise above the zero line mark in the 4-hour chart. Moreover, the lines give a bearish crossover. Hence, the indicator gives a sell signal for the KDA token.
Upcoming Trend
The KDA coin price action forecasts a bearish downfall as the support zone struggles to push the price higher. Hence, a price fall to the $10 mark is possible upon a bearish fallout.