Table of contents
KDA price action rises above the long-coming resistance trendline teasing a potential bullish rally as the downtrend possibly ends.
Key technical points:
Kadena gets listed on BinanceKDA coin price surpasses the long-coming resistance trendlineThe 24-hour trading volume of Kadena is $369 Million, marking a 611% rise.
Past Performance of KDA
KDA coin price shows a boom in bullish pressure as the Binance trader’s community gets the exposure to buy Kadena. The altcoin surpassed $8 before retracing with higher price rejection to $6.65. However, the rally continues today with a rise of 6.24% resulting in the trendline breakout and teases an end to the long-term downtrend.
Source-Tradingview
KDA Technical Analysis
KDA Technical Analysis
KDA coin price continued the rally today despite the higher price rejection last night. As a result, the rally may shortly surpass the $7.5 mark, which will generate a solid buying signal.
The crucial 50 and 200-day EMAs continue the bearish spread after the death cross. However, the sudden jump in buying pressure sabotages the bearish crossover as the prices jump and may shortly surpass the merged EMAs.
RSI Indicator: The RSI slope shows a sharp rise above the halfway mark, but it remains within the range-bound movement seen over the month. Hence, crossing the 55% mark of the RSI slope will give a strong bullish signal.
Stochastic RSI Indicator: The K and D lines resume the uptrend after the premature ending of the bear cycle. However, the lines still show a diagonal growth indicating a slower bullish growth than the anticipation.
In a nutshell, KDA technical analysis promotes the bullish continuation theory above the $7.5 mark and may potentially give a golden crossover.
Upcoming Trend
KDA coin price projects the possibility of a post-breakout rally as the trading volume jumps remarkably. The rally puts an upside target of $10 but closing under the broken trendline will sabotage the bullish breakout and void the uptrend thesis.
Support Levels: $5.75 and $5
Resistance Levels: $7.5 and $10
