- The KDA coin price action shows a bearish head and shoulder pattern formation in the 4-hour chart.
- The KDA/BTC pair trades at 0.00003915 BTC with a rise of 9.44%.
- The 24 -hours volume for KDA coins is $457 Million, indicating a 1423% rise.
The KDA coin price action makes a head and shoulder pattern in the 4-hour chart. In the last few days, the coin price reached close to the heights of the $28 mark. However, the higher price rejection pushes the prices back to the neckline of the pattern.
The KDA price shows a falling bullish trend, with its price trading higher than a few crucial EMAs 100 and 200. However, the chart shows bearish engulfing candlestick breaks below the 50-period EMA.
The coin price shows higher price rejection; however, the pivot points indicate support levels at the $13 and $5 mark if the price retraces back. Moreover, on the flip side, the resistance levels are at $29 and $37.
Will The KDA Coin Price Break Above The Range?
As we have already mentioned, the KDA coin’s price is showing higher price rejection resulting in the head and shoulder pattern. Moreover, the psychology of the pattern indicates a rise in underlying bearish sentiments.
As of press time, the coin’s price is $19.22. There has been a decrease in value of 2.56% during the past 24 hours. KDA’s intraday trading volume also rose by 1450%.
The RSI indicator indicates a rise for underlying bearishness as the slope falls below the centerline. The price action is consistent with the slope and enters the “nearly oversold”. The RSI indicator, therefore, gives a weak sell signal.
MACD indicators show that the MACD indicator is moving below the signal line, which is in a bearish alignment in the daily chart. These lines are located above the centerline. This creates a weak Sell sign.
Conclusion: From a technical perspective, the KDA coin shows higher price rejection, evident by the head and shoulder price pattern in the 4-hour chart. And, the price action shows lower chances of a breakout in the near future.
Support – $13 and $5
Resistance – $29 and $37