Kadena Price Prediction: Can KDA Crypto Make A Recovery To  $1?

• Kadena price prediction point at the bearish dominance for the KDA token
• KDA price lost 64.54% in value since the last one year
• Kadena price made a new all-time low at $0.506

Kadena’s (KDA) price analysis reveals that KDA crypto has been a victim of aggressive selling since February 2023. The KDA price witnessed a breakdown of a head & shoulders pattern in May 2023. The market witnessed a downfall of 63.16% from getting rejected at the resistance of $1.404. The bearish dominance forced the price to carve new lows and a new all-time low at $0.504.

At the time of writing, the current market price of KDA tokens is $0.6016. The 24-hour trading volume surged 41.60%. The market is down 0.64% in the last 24 hours. The overall market cap of Kadena is $143,792,765.

Can KDA Rebound From here?

Kadena’s (KDA) price showcases bearish dominance as the KDA token is unable to stop making new lows. The market is driven by fear and filled with trapped investors who bought at a higher price, hoping for a decent return. The KDA crypto price is 36% below the 200 EMA, which defines the selling pressure in the market.

Amidst the sell-off, the bulls decided to buy the newly created low and push the price by 34% before correcting its current market price. The KDA token has made a recovery of 21.63% so far. The price successfully broke the local resistance of $0.584 and tested the supply level of $0.703

Will Kadena (KDA) Sustain Its Recovery?

On the 4-hour chart, the price action showed that the market made two attempts to break the resistance of $0.703. In their recent attempt, the Bulls failed to pierce the resistance and made a correction of 16% to their current level. The price action formed an ascending trendline, which is a significant support in the short term.

Since the rejection, the KDA crypto price has fallen to the support level, and the bulls are trying to defend it. The market crawls around the 200 EMA, which indicates that the price is moving in a sideways condition and is getting a consolidation after the aggressive selling. The KDA token must break the resistance to extend its recovery; otherwise,  it may start falling again to create new lows.

RSI: The RSI indicator is currently at 46.06. It represents bearish conditions where the price may continue to fall until RSI crosses above 50. Aggressive sell-off may happen only if RSI goes below 30

MACD: MACD made a bullish crossover below the 0 line. This indicates that the market may move up slowly without momentum and the price may rise aggressively if the indicator crosses the 0 line to the upside

200 EMA: On the 4-hour chart, the price is trading very close to the 200 Ema. This means that the market is moving sideways and it would be best to wait for the price to move away from the indicator to establish a clear trend.

Conclusion:

Kadena’s (KDA) price prediction reveals that the KDA crypto has been a victim of aggressive selling since February 2023. The market has selling pressure from trapped buyers who want to exit the market with the minimum loss. This makes it difficult for the KDA price to move up. The market should break the resistance to sustain its recovery; otherwise, it may witness another leg down. Investors can wait for a trend reversal pattern to consider buying. As of now, the overall trend remains bearish, with no major signs of a trend reversal.

Technical Levels

• Support level: $0.584
• Resistance level: $0.700

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.