2023-12-25 15:10 |
The price of Kadena (KDA) has seen a significant surge today, with the token up over 50% making it one of the top performing cryptocurrencies. KDA is currently trading at $1.4 with a market capitalization of $366 million.
Despite this impressive price movement, KDA is still notably down from its all-time high of almost $24 reached in November 2021. There have been no major announcements recently from the Kadena team to explain this latest pump. The Kadena social media accounts have been quiet over the past few days, likely due to the holidays.
One theory for the price rise comes from a Kadena fan on X (former Twitter), who stated:
“Kadena’s growth continues and will progress towards the start of the launch of New Kadena. At this moment, maximum attention will be focused on the ecosystem. I hope ecosystem projects will have something to show new users on January 3rd.”
The only news around Kadena currently is that users can participate in a $500 airdrop, with details provided in a recent Medium article.
Looking at the technical indicators, KDA’s daily relative strength index (RSI) currently reads 64. An RSI reading above 70 is considered overbought, while under 30 is oversold. A reading around 64 shows bullish momentum is building behind KDA but still has some room left to rally before being at overextended levels.
The latest price movement shows the continued interest around the Kadena ecosystem. With the team focused on expanding in 2024, more fundamental news may be driving speculative trading.
The technicals support the rally as having legs to possibly challenge the prior all-time high in 2024 or 2025 if positive development updates emerge. We will be closely monitoring the price action and ecosystem growth around this ambitious blockchain project.
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The post Why is Kadena (KDA) Price Pumping? Exploring Theories Behind the Sudden Rally appeared first on CaptainAltcoin.
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