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KDA Technical Analysis: KDA Recovery Continues Above $2.30


cryptoknowmics.com 14 May 2022 11:21, UTC
Reading time: ~2 m

KDA price action shows a bullish follow-through candle and breaks above the $2.30 resistance level teasing a potential bull run to $3.50. Key technical points:

  • The KDA prices grew by 5.59% in the last 24 hours.
  • As a result, Kadena prices surpass the $2.30 level. 
  • The 24-hour trading volume of Kadena is $60.22 Million, indicating a 30% hike. 

Past Performance of KDA

KDA prices plummeted after the market failed to achieve an elongated bottom breakout due to the hefty selling pressures at the 100-day EMA and at $7. The decline comes with a boom in selling pressure and consecutive bearish candles that cut 80% of the market's value last month. Meanwhile, the analysis we published forecasting the fall from the $3.50 stands corrected. However, the recently lower-price rejection averts the possibility of the $1 fallout by creating a morning star pattern. TradingView Chart Source-Tradingview

KDA Technical Analysis 

KDA prices have increased by up to 42% over the last two days, with a boom in buying pressure supporting the Morning Star pattern. However, the bullish overcharge has difficulty sustaining above the $2.30 mark and is subject to hefty selling pressure. This bearish alignment of the daily EMAs (50, 100, and 200-day EMAs) indicates a strong base of bearishness and demonstrates the high possibility of providing an active resistance. The RSI slope has exceeded the average of 14 days which has been the primary reason for the decline after leaving the oversold zone but eventually leads to an oversold trend. In addition, the Stochastic RSI shows the K and D lines rising higher in a bullish alignment to approach the overbought zone.  Thus, the momentum indicators predict an increase in the underlying bullish momentum that will help fuel the uptrend. In short, the KDA technical analysis depicts a high likelihood of an uptrend to $3.50.

Upcoming Trend

If the bullish influence continues to grow on the upcoming trend, KDA prices will drive higher to the next psychological mark of $5 after the resistance at $3.5. However, a bullish failure to sustain above $2.30 will fuel the diving speed and bring a fall to $1. Support Levels: $1.30 and $1 Resistance Levels: $3.5 and $5


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