Kadena Coin Retraces to $0.9313 After Shortlived Bull Run

Kadena price analysis indicates that the Kadena coin has been in a massive bullish run over the past few hours, peaking at over $0.953 before experiencing a sharp retracement to under $0.94 today.

This price movement has led some analysts to speculate that this is due to a pump-and-dump scheme by a large whale, though the exact cause of this volatility remains unclear. The price action has been characterized by massive fluctuations, with the coin retracing from $0.95 at its peak to the current trading price of $0.93.

Kadena coin price action: CoinMarketCap

However, there are some key levels for KDA price support moving forward, with retracements expected around the $0.80 and $0.70 levels in the near term. The Fibonacci 50% level currently sits at $0.59, potentially acting as a strong support point if KDA retraces further.

Kadena price analysis on the daily shows the KDA/USD pair broke out of a descending channel during the day’s opening hours and has since seen a sharp retracement back into the channel. However, the bulls are still holding on, and the more positive price action in the near term could signal that we are witnessing a rebound in market sentiment for KDA.

KDA/USD daily chart: TradingView

The 4-hour chart and hourly analysis show a similar picture, indicating that the momentum behind this rally may be stalling. A retracement back to support levels could soon be on the cards.

KDA/USD 4-hour chart:TradingView

As such, traders should remain cautious moving forward and look for key price action signals to guide their trading decisions in the near term. Long positions should be entered only once KDA reaches stronger support points, while short selling should be considered only for a break below $0.86.

Overall, KDA still has some potential for growth as the MACD line is still in positive territory, and the RSI is currently showing some bullish momentum. However, the market is highly volatile at the moment, and a move below key support levels could signal a shift in market sentiment for KDA.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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