2022-3-26 16:48 |
The broader cryptocurrency market is on a strong uptrend, and most coins are now trading in the green zone. Kadena (KDA/USD) stands as one of the gainers during the past 24 hours. However, these gains have not been as significant as the rest of the cryptocurrency market.
Kadena has made a slight gain during the past 24 hours. It has rallied by 1.7% during this time, and it was trading at $6.82 at the time of writing.
Kadena makes slight gainsThe price of Kadena has been on an uptrend during the past 24 hours. The gains come from an increase in the broader market support. During the past 24 hours, many tokens have made bold gains, and KDA has not been left behind.
If the price of Kadena continues with the uptrend, it will aim at testing the next resistance level at $9. This resistance level was tested in mid-February. If KDA manages to break past this level, the token could be in for major gains, leading to a price rally.
If Kadena breaks past $10, it will head on to the next target price of $15, where it will be en-route to recovering the losses made in January when the market dipped. Kadena is 75.3% below its all-time high of $27 created in November last year. Therefore, the token has a chance to make a price correction towards higher levels.
Kadena dips are still possibleThe crypto market is currently rallying, but since the beginning of the year, the market has failed to hold on to the gains made. Kadena’s price is following the trend in the broader crypto space, and if the trend fails, the token could make price dips.
If Kadena’s price falls from the current prices, it will head towards the lower support level of $5.95. The token can test the support level at this point if the buyers fail to accumulate more and instead start disposing of their holdings. Dipping towards lows of $5.50 is also possible if there is a recession across the entire market. If KDA dips to such lows, it could create buying pressure from traders that want to buy during the dip.
The post Kadena (KDA) follows the market trend to make slight gains appeared first on Invezz.
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