The post KDA Price Reversal Warns A Quick Drop To $1. Should You Be Buying? appeared first on Coinpedia Fintech News
With the golden days of recovery in late 2023 becoming a past, Kadena finally enters an intense pullback phase as it fails to cross the $1.5 mark. Further, with a double top reversal, the KDA price trend starts a negative cycle within the long-term triangle formation.
As the downfall continues to gain momentum, the KDA price shows a second rejection rally sprouting from the overhead resistance trendline. Nevertheless, despite the sellers gaining control in the short term, our KDA price prediction remains bullish for 2024.
Source- Tradingview
Taking rejection from the overhead resistance trendline, the KDA price forms a third consecutive bearish candle in the daily chart. With an intraday fall of 1.77%, the bearish candle might complete the formation of the three black crows today.
Moreover, the huge red candles with increased trading volume signal a high possibility of a bearish continuation. As of now, Kadena trades at $1.16 and struggles to regain bullish momentum.
The falling trend may soon challenge crucial support levels like the rising 50-day EMA, the $1 psychological mark, and multiple Fibonacci levels. Hence, due to the presence of multiple potential reversal spots, the bears may be exhausted before reaching the support trendline.
Technical Indicators:
MACD Indicator: The MACD and signal lines fail to give a bullish crossover as the Kadena price trend reverses from the overhead trendline. Hence, the decline phase for the average lines continues.
EMA: With the ongoing bear phase, the rising 50D EMA is ready to provide dynamic support and potential help in a bounce back.
The rising trend-momentum of the bearish phase and the bearish candlestick pattern warns of a crash in Kadena. However, the presence of multiple supports can result in a price reversal.
The reversal possibilities are strong at $1 and the 50-day EMA. However, a drop below these can retest the rising support trendline at $0.85.
The post KDA Price Reversal Warns A Quick Drop To $1. Should You Be Buying? appeared first on Coinpedia Fintech News
With the golden days of recovery in late 2023 becoming a past, Kadena finally enters an intense pullback phase as it fails to cross the $1.5 mark. Further, with a double top reversal, the KDA price trend starts a negative cycle within the long-term triangle formation.
As the downfall continues to gain momentum, the KDA price shows a second rejection rally sprouting from the overhead resistance trendline. Nevertheless, despite the sellers gaining control in the short term, our KDA price prediction remains bullish for 2024.
Source- Tradingview
Taking rejection from the overhead resistance trendline, the KDA price forms a third consecutive bearish candle in the daily chart. With an intraday fall of 1.77%, the bearish candle might complete the formation of the three black crows today.
Moreover, the huge red candles with increased trading volume signal a high possibility of a bearish continuation. As of now, Kadena trades at $1.16 and struggles to regain bullish momentum.
The falling trend may soon challenge crucial support levels like the rising 50-day EMA, the $1 psychological mark, and multiple Fibonacci levels. Hence, due to the presence of multiple potential reversal spots, the bears may be exhausted before reaching the support trendline.
Technical Indicators:
MACD Indicator: The MACD and signal lines fail to give a bullish crossover as the Kadena price trend reverses from the overhead trendline. Hence, the decline phase for the average lines continues.
EMA: With the ongoing bear phase, the rising 50D EMA is ready to provide dynamic support and potential help in a bounce back.
The rising trend-momentum of the bearish phase and the bearish candlestick pattern warns of a crash in Kadena. However, the presence of multiple supports can result in a price reversal.
The reversal possibilities are strong at $1 and the 50-day EMA. However, a drop below these can retest the rising support trendline at $0.85.