- The Kadena coin has been in a bullish trend since the breakout of the rising wedge pattern in the daily price chart.
- At time, the Kadena coin price is testing the 50-day moving average as a bullish hurdle after surpassing from the 20-MA and still price is below 100MA.
- Kadena/Bitcoin pair price appears to be neutral at 0.0002028 satoshis.
After forming an all-time high, the Kadena coin price has lost 83% of cost as long as bulls came into action near $4.4 (3 months lower level). Yesterday, the KDA coin price breached the declining trendline (which was valid for 3-months) with a high amount of volume. At the time of writing, Kadena coin price is trading at $8.81, reflecting the 0.79% decline. After marking the 3-months low, the coin was consolidating the rising wedge pattern (white). The bulls took advantage, and bulls have been dominating the trend after retesting the support level of the following wedge pattern.
The KDA coin is maintaining above the 20-day moving average and now bulls have been struggling to close the daily candle above the 50-MA. Although the KDA price is following the incline trendline in the 4-hours chart (white). Over the past 24-hours, volume has inclined by 14% at $151 million. According to Fib retirement, the 3-months low ($4.4) sees crucial support for bulls and the resistance sits at $16.4 which is the 0.5-level of Fib.
What next, KDA coin will remain above bullish trendline or will break it
The Kadena coin price with Bitcoin pair is trading slightly positive by 0.6% at 0.0002028 satoshis. In the terms of the daily price chart, the pair price formed the double bottom formation. Near at 0.00014 satoshis bulls appear aggressive for investing and the recent high (0.000239 satoshis) could act as a resistance. Furthermore, the supertrend indicator suggested the bullish sign and may investors take it as a fresh investing sign.
The daily RSI seems flat near the overbought stage after stieve rise. However the average directional index continues moving lower, reflecting the weak bullish momentum in the terms of the daily price chart.
Conclusion
It remains to see that, will buyers maintain the Kadena coin price above the bullish trendline or not? If bulls fail to hold the price above the crucial trendline, the coin will come back into the range of 6.6 to $4.4.
Support level – $6.5 and $4.5
Resistance level – $16.5 and $28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
