KDA Technical Analysis: Another Test For Buyers At $3.5
Key technical points:
Past Performance of KDA
KDA prices maintain a downtrend after the recent death cross in the daily chart resulting in a fall from the $6 mark to the $3.5 support before finding a bullish reversal. However, failing to sustain the uptrend above the psychological milestone of $4, the KDA prices fall drastically overnight, sharing the market sentiment.
Source-Tradingview
KDA Technical Analysis
KDA prices return to the $3.5 support level with increased selling pressure projecting a potential downtrend to the $3 mark.
Following the recent death cross, the 100 and 200 EMAs are ready to give a bearish crossover, reflecting a surge in the underlying bullishness. Hence, the EMAs are ready to achieve the bearish alignment in the daily chart.
The MACD and the signal line fail to give a bullish crossover as the lines fail to merge due to the sudden bearish takeover. Hence, the lines maintain a downtrend to dive deeper into the negative territory with a minimum bearish spread.
The daily RSI slope shows a sideways trend slightly above the oversold boundary after failing to sustain above the halfway mark.
In a nutshell, KDA technical analysis shows a downtrend possibility below the $3.50 mark.
Upcoming Trend
The KDA prices are experiencing a sudden surge in selling pressure, challenging the buyers at the $3.50 support level that could quickly fall victim to a bearish attack. Additionally, the rise in trading volume that has been helping to support the bearish engulfing candlestick signifies the entry of new sellers. Therefore, the $3.50 breakout could indicate the beginning of a new selling zone, with the next target being $3.
Support Levels: $3.50 and $3
Resistance Levels: $4 and $4.75
