Following Kadena Crypto, As KDA Bounces Off the $5 Support

The conflict in Ukraine has been weighing on risk assets and cryptocurrencies have been behaving as such recently. They reversed lower as the conflict escalated, but are turning bullish this week. The crypto market has partly recouped its losses following the sell-off which came from Russia-Ukraine tensions. Stock markets have also recuperated in the last several days as the flight for safety abates, while layer 1 tokens are leading the recovery.

Terra LUNA coin has doubled in the last week, while Avalanche and Kadena are posting double-digit gains. Kadena coin made a massive surge during late October and early November, sending the price from around $2 to $28. But, KDA/USD has been declining since then falling below moving averages which have turned into resistance now, particularly the 50 SMA (yellow) on the daily chart.

Kadena Daily Chart Analysis – KDA Facing the 50 SMA Above

KDA is forming a bullish reversing pattern

Kadena fell to $4.50 last month, but the real resistance zone stands at around $5 which held well until early this month, when the price bounced higher. The price climbed above the 50 SMA which was a positive sign, but it reversed back down as the conflict in Ukraine escalated and the risk sentiment turned off.

KDA returned down but the support at $5 held once again. Yesterday we saw a bounce but now buyers are facing this moving average again. if they can push above it, then it is likely that the larger bullish trend will resume soon. But, the sentiment in the crypto market will be the deciding factor for now.

Kadena is an interesting layer-1 blockchain operating on Power of Work (PoW) but it doesn’t suffer from congestion and high fees and is able to execute up to 480,000 transactions/second (TPS) due to its braided multi-chain architecture. Kadena claims to be Kadena is the only blockchain network capable of scaling more than 9 million trades a day. CoinMetro and Kadena brought Wrapped Kadena recently where Kadena users can yield farm on Ethereum through their KDA on CoinMetro.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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