KDA Technical Analysis: Consolidation Teases a Trend Reversal

The 40% downfall in the last week brings the KDA coin price below $6. However, the recent consolidation halts the downfall, will it reverse the trend? Kadena is a blockchain that is publicly designed to maximize scaling and has a brand novel smart contract language called Pact. It comes with formal validation and upgrades to smart contracts. KDA also utilizes a brand new Proof-of-Work (PoW) system of consensus known as Chainweb. It is made up of several individual chains working in tandem to perform transactions on the network. Let us move ahead to read about Kadena’s technical analysis. Past Performance of KDA KDA coin price fails to sustain above the crucial support level of $9 resulting in the downfall of more than 40% in the past week. However, the downfall dilutes into consolidation between $4.75 and $5.75. The short-term consolidation seems to be a retest of $6 fallout. Therefore, traders need to avoid taking a bullish entry till a range breakout. KDA/USD Daily Chart KDA Technical Analysis The recent bullish engulfing in the KDA coin price brings a 10% growth in the past 24 hours. However, Kadena struggles to overcome the selling pressure at $5.75 despite the presence of lower price rejection. The falling Crucial 50 and 100-day Exponential Moving Averages in the daily chart are on the verge of giving a bearish crossover. Moreover, the recent price jump might retest the breakout of the 200-day EMA. The Stochastic RSI Indi...