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KDA Technical Analysis: Bullish Reversal From $1.30 Prepares Trendline Breakout 


cryptoknowmics.com 14 June 2022 11:12, UTC
Reading time: ~2 m

The resurgence of KDA buyers prepares a bullish reversal rally with a morning star pattern formation to surpass the $2 mark. Key technical points:

  • The market price has increased 11.18% over the past 24 hours.
  • The price action prepares the resistance trendline breakout.
  • The 24-hour trading volume of Kadena is $62.70 Million, indicating a hike of 92%.

Past Performance of KDA

AS mentioned in our previous article, KDA prices fell 55% over the last 30 days under the influence of a bearish trendline to cross under the $1.75 mark. The downtrend shows lower price rejection at $1.30 and forms a morning star pattern with an increase in the intraday trading volume. TradingView Chart Source- Tradingview

KDA Technical Analysis

The bullish reversal in KDA price challenges the short-coming resistance trendline, which has kept the bullish growth under check. Moreover, the surge in buying pressure is evidently clear, with the boom in trading volume supporting the bullish growth. Hence, traders can shortly find a bullish breakout entry opportunity once the price action confirms the breakout. The MACD indicator shows the fast and slow lines regain the bullish spread to avoid a bearish crossover after the recent merger. Moreover, the resurgence of positive growth in MACD histograms reflects growth in buying pressure. The RSI slope shows a sharp reversal from the oversold boundary and outperforms the 14-day average to approach the halfway line. Hence, the RSI indicator shows a bullish reversal in underlying sentiment, adding points to the trendline breakout. Hence, the technical indicator displays a surprising growth in the buying pressure, supporting the bullish reversal attempt to surpass the resistance trendline. In short, the KDA technical analysis forecasts a high likelihood of a bullish breakout rally surpassing the $2 mark.

Upcoming Trend

Suppose the overall market conditions improve over the day; the KDA prices will skyrocket above the trendline and the $2 mark. Therefore, traders can expect the bullish rally to take a breather at the $2.30 level. Resistance Levels: $2 and $2.30 Support Levels: $1.30 and $1  

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