Kadena (KDA): Rounding Bottom Pattern Might Trigger New Rally

Kedana token has recently undergone an extended retracement phase that had its price dropping to $9. Endless downtrends for over a month had KDA losing 67% of its value. For now, the alternative assets recover from this crash. That came after Kadena printed a rounding bottom formation.

KDA/USD Daily Chart

Past Trend

Kaden enthusiasts saw a parabolic price rally for October to November’s initial half. With that, the alt recorded a new ATH of $28.2 on 11 November. However, an intense selling momentum resulted in a retracement phase, plunging the prices to the support of $9

Kadena Chart Reveal Bullish Cross by the Critical EMAs

Kadena bounced off the lower footing on 15 December. That was after forming a morning star candlestick formation. The alt began to indicate surging bullishness on the price chart as the asset’s [rice gained 73% in about fourteen days.

Furthermore, the technical chart indicates a rounding bottom formation on the four-hour time frame. The pattern’s neckline stood around the $16 level, and the alt offered a massive break from this obstacle during today’s sessions.

For now, the pair retraces, eyeing a retest of the new support and securing a dependable footing for the upcoming rally. Cryptocurrency fans might consider long positions if KDA shows impressive sustainability beyond the $16 level.

While publishing this blog, KDA Coin trades around $15.99, with a 4.06% intraday gain. The 24-hours volume change stood at $136.2 million, showing an 84% surge. Coinmarketcap ranks the alt at 61, with its market capitalization hovering around $2.58 billion, a more than 18% increase.

The overall crypto market displays price recoveries as BTC reclaimed the $50K mark. At this publication, Bitcoin traded at $51,483. Maintaining the upward stance will trigger upward movement in alts, including Kadena (KDA)

Kadena Technical Indicators

  • The daily RSI (53) depicts recoveries as the line entered the bullish region.
  • Kadena regains a bullish arrangement among its critical Exponential Moving Averages (20-50-100 and 200). Furthermore, the crypto depicts a bullish cross by the 20- and 50-EMA, attracting more buyers.

Vital Chart Levels

  • Resistance zones – $18.7 and $21
  • Support zones – $14 and $12.4

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