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Vikram
May 20, 2022
by Vikram

KDA Technical Analysis: KDA Buyers Resurface Upon Retest

KDA
KDA price action shows a successful retest phase of the broken resistance trendline resulting in a 16% growth candle. Will the reversal rally reach $3.50?

Key technical points:

  • KDA prices have increased by 16% overnight.

  • The Stochastic RSI reveals a bullish crossover possibility.

  • The 24-hour trading volume of Kadena is $55 Million, reflecting a 23% fall. 

    • Past Performance of KDA

    KDA prices broke above the crucial resistance trendline in the daily chart, which kept the downtrend, accounting for an 80% fall, in motion. The bullish reversal from the $1.5 made three consecutive bullish candles reach $3.35, accounting for a 116% surge in market value. However, the bullish failure to sustain the buying pressure led to a takeover by sellers above $3, resulting in a retest of the resistance trendline.

    TradingView Chart

    KDA Technical Analysis 

    KDA price action grows drastically overnight with a 16% bullish candle from the $2.30 support level. This resurgence of buyers indicates the start of a post-retest reversal. Hence, the chances of a prolonged uptrend increase significantly.  

    The crucial EMAs maintain a bearish trend after the recent negative crossover of the 100 and 200-day EMAs. However, the trendline retest might lead to a bullish rally to the 50-day EMA.

    The RSI slope struggles to reach the halfway line as it moves sideways trend in the nearly oversold zone. However, despite a sideways trend, the reversal from the oversold zone breaks the bearish influence of the 14-day SMA.

    The Stochastic RSI shows the K and D lines ready to regain the bullish alignment to undermine the previous bearish crossover. Moreover, the lines sustaining in the overbought zone reflect a solid bullish trend.

    In short, the KDA technical analysis projects a post-reversal rally ready to pick up the pace and reach the $3.5mark.

    Upcoming Trend

    If KDA prices sustain the bullish momentum, an upside rally to $3.5 seems inevitable, which will increase the breakout chances to reach 50-day EMA at $4.25. 

    Support Levels: $2.30 and $1.30

    Resistance Levels: $3.50 and $4.25

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    kadena KDA
    KDA Technical Analysis: KDA Buyers Resurface Upon Retest
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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