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Kadena price analysis: Kadena flying high to $17, gaining 50 percent overnight

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  • Kadena has gained 700 percent over the last month.
  • Kadena price analysis is strongly bullish today.
  • The KDA/USD discovers another high.
  • The nearest support for KDA is found at $10.7.

The Kadena is in full bullish swing discovering new highs with every passing day like there is no stopping by. Kadena started showing a little progress from August, but notable changes were observed from 6th September onwards when Kadena touched the $1 level and on 4th October reached $2. Throughout this time, price surges were followed by corrections, and a wavy price pattern was formed, which is quite normal. But from 18th October onwards, Kadena skyrocketed by making huge leaps forward, and on 24th October, the price was capped at $6.9, which was quite a substantial gain.

From 3rd November, Kadena is again on a bullish flight and has been marking newer record highs every day, with the highest price observed today at $18.5 at one instance but retraced back to the $17 range.

KDA/USD 1-day price chart: KDA bulls on the move gaining 50 percent

The 1-day price chart for Kadena price analysis shows the coin discovered a new record high today after capping at $14.9 yesterday. Bulls covered more upwards range, and the KDA/USD is now trading hands at $17.8 at the time of writing, gaining a little more than 50 percent value overnight, The coin also reports a 175 percent gain over the past week, and if observed over the last 30 days, the coin has gained a bedazzling 700 percent during this time. The trading volume has gone up by 94 percent over the last 24 hours.

Kadena price analysis: Kadena flying high to $17, gaining 50 percent overnight 1
KDA/USD 1-day price chart. Source: Tradingview

The Kadena at present is highly volatile as it rose from nothing to a racing start in a couple of days. The Bollinger bands show vast expansion to meet the volatile condition of the cryptocurrency, with the upper band at $14.5 representing support for the coin.

The Kadena shows oversold conditions as the relative strength index (RSI) is trading at index 89 in the oversold region. The RSI entered the oversold region on 2nd November and still continues on an upwards curve indicating buyers’ dominance in the market.

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Kadena price analysis: Recent developments and further technical indications

The 4-hour Kadena price analysis shows that the Price is on the increase from the last 20 hours, with the highest jump observed in the very last hours, which happens to be the starting four hours of today’s session. Looking at the previous trends, after an increase for such a period of time, usually, the correction starts. So a correction might soon start any time.

Kadena price analysis: Kadena flying high to $17, gaining 50 percent overnight 2
KDA/USD 4-hours price chart. Source: Tradingview

The Volatility is also high on the 4-hour chart, with the upper Bollinger band at $15.5 representing support and the lower band at $6.4, making an average at $10.9. The RSI is also on an upwards curve on the 4-hour chart as well, as it trades at index 87. The moving average is also present above the Bollinger bands average at the $12.6 mark.

As the Kadena has been overall bullish for more than a month now, the majority of technical indicators are also supporting the bullish side, amounting to 16 indicators, and only two technical indicators support the bearish side. However, eight technical indicators stand neutral out of a total of 26 technical indicators available for Kadena price analysis.

Kadena price analysis: Conclusion

The Kadena price analysis suggests that the coin is flying high in a bullish flight. Kadena’s success is being compared to that of Solana when it gained 10x value going from $20 something to $250 with receiving investment from key figures of the industry and continuous development of the ecosystem, and Solana never looked back. So the question is, can something like this happen again with something else? The answer is yes, of course, yes, it’s an evolving crypto world, and magic is in the air all the time. Traders can expect a small correction in the coming hours, followed by more upside. For HODL, time will tell if we will see astonishing figures or a reverse track.

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Kadena

Kadena Soars Further on DeFi, NFT Gaming News

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The little-known Ethereum (ETH) competitor Kadena’s native KDA token has surged higher in the crypto market this month, while also outperforming all other coins in the top 100 by market capitalization over the past 7 days after a series of bullish developments for the protocol.

At 11:06 UTC, KDA is up 20% over the past 24 hours and 194% for the past 7 days. The token is currently trading at USD 20.7, after having experienced a parabolic rise from under USD 7 since November 1.

Source: CoinGecko

Created by Stuart Popejoy and Will Martino, two former blockchain developers at investment banking giant JP Morgan, Kadena is described as a smart contract platform that aims to compete with Ethereum. However, the protocol has also made use of certain aspects of Bitcoin (BTC)’s design, such as the proof-of-work consensus model.

Further, the protocol’s programming language, known as Pact, is designed to simplify the way smart contracts are created, and is described in its documentation as “the first truly human-readable smart contract language.”

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The soaring price for the protocol’s token throughout much of both October and November follows Kadena’s launch of wKDA, a wrapped version of its token for the Ethereum network.

Among other things, the wrapped version of KDA would allow the token to be utilized on the many decentralized finance (DeFi) applications that exist on the Ethereum network. Moreover, it would also allow for trading of KDA tokens on Ethereum-based decentralized exchanges (DEXes) like Uniswap (UNI), which would make the token much more accessible for a larger user base.

In addition to the wrapped version for Ethereum, a tweet from the Kadena team last weekend also said that bridges to other layer-1 protocols are planned, with Terra (LUNA), Polkadot (DOT), Celo (CELO) and Cosmos (ATOM) listed as potential candidates.

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Meanwhile, another reason for the increased popularity of the KDA token in recent weeks may also be the addition of non-fungible token (NFT) capabilities to the protocol.

According to the team behind Kadena, an NFT gaming platform from the UFO Gaming project will be built on Kadena, with the transaction throughout of the protocol being key for a successful implementation, according to UFO Gaming.

“Not having to worry about throughput was a key selling point for us since UFO Gaming dynamic NFT system needs to perform tens of thousands transactions daily to update our players’ NFT ratings and attributes,” the team behind UFO Gaming wrote in an announcement about the new partnership.

NFT-themed games is an area of crypto that has received a lot of attention as of late, with the trend catching on in a big way after the launch of the much-discussed Loot NFTs and the related adventure gold (AGLD) token.

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For now, options are still quite limited for investors looking to acquire KDA, with KuCoin and Bittrex being the only two well-known centralized exchanges where the token is listed.

The KDA token first reached a market capitalization of USD 3bn on Monday this week, and has since then continued to climb higher. It currently has a market capitalization of USD 3.3bn, and is ranked as the 64th most valuable cryptocurrency, per CoinGecko’s ranking.

The token has seen trading volumes of just over USD 198m for the past 24 hours.

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