Cryptocurrencies continue to remain uncertain as the sentiment in the crypto market switches on and off.  The risk sentiment remains volatile due to global political tensions which are affecting the economy and cryptocurrencies are behaving like risk assets now. Although, the volatility has been declining and the up-down moves have become smaller, which suggests that the uncertainty is increasing, although not particularly the risk.

As a result, Bitcoin (BTC) and Ethereum (ETH) are forming triangles, but not showing any bullish signs yet. Kadena coin (KDA) on the other hand, is trying to make a move to the upside. This is a cryptocurrency I like since it has a very interesting future and with a price above the $5 support, it is very tempting to buy, as it offers a good risk/reward ratio.

Kadena Daily Chart Analysis – Can Buyers Break the Resistance at $8.50?

Kadena has to close above MAs to turn bullish

Kadena coin has been on a constant downtrend since early November, after the surge of the previous weeks which took the price from around $2 to $28.50. That was an unexpected move, which came at a time when the crypto market was rallying hard. But the sentiment in the market turned bearish back then and has remained so, which has weighed on the KDA.

During the bullish move, KDA/USD formed some support levels, which have done a good job in providing support again during the bearish period of the last several months particularly the $8.50 zone which has now turned into resistance and the area around $5. The support area around $5 held well in several occasions and in the last occasion sellers failed to reach that zone, which was a bullish signal.

Yesterday, buyers had a respectable attempt at the upside, pushing above the SMA (yellow) on the daily chart, which has been acting as resistance lately. But, the previous support zone around $8.50 turned into resistance, stopping the buyers from pushing higher. So, at the moment Kaden token remains bearish but we are looking to buy around these levels, or probably lower, closer to $5, since this is a very promising cryptocurrency.

Kadena Eco Igniting the Bullish Move?

Kadena is a layer 1 blockchain, that uses power-of-work (PoW) similar to Bitcoin, but while Bitcoin and Ethereum consume vast amounts of energy, Kadena is a very efficient blockchain, thanks to its braided chains technology. So, Kadena is a very scalable network and can execute up to 480,000 transactions per second (TPS) and can increase if Kadena moves braids more chains to its network.

CoinMetro and Kadena have partnered together to bring Wrapped Kadena WKDA with which you can yield farm on Ethereum. Kadena hired Paul Hsu who has worked at Zynga, in a bid to accelerate the Kadena Eco which is a separate entity from Kadena in that its goal is to supercharge the ecosystem. This should increase the interest further for this network and the KDA token.

Kadena Token KDA Live Chart 

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