SNEAK PEEK

• Bulls’ victory in the KDA market leads to positive investor sentiment.
• Widening Bollinger bands suggest possible price turning points and volatility.
• Decrease in trading volume may lead to higher volatility in the KDA market.

Following a bull-bear battle in the previous 24 hours, the bulls emerged triumphant, sending Kadena’s (KDA) price to an intra-day high of $1.03 and remaining there as of press time, a 3.43% increase from the previous day’s closing price. If bullish strength continues to dominate, the next psychological mark for traders and investors to look for is $1.10, which may drive more purchasing momentum.

Suppose the bulls’ strength wanes and the bears gain market control. If the $0.9727 support level is broken, the following support levels may be $0.95 and $0.90, where traders and investors may seek to purchase in anticipation of a future comeback.

Due to the bulls’ victory, the market capitalization increased by 3,50% to $229,839,460, indicating that traders’ moods are positive and that the asset’s price may rise higher. The 11.91% drop in 24-hour trading volume to $5,942,161 suggests that fewer traders may actively buy and sell KDA, which might lead to a fall in liquidity and an increase in volatility.

Bollinger bands are widening on the KDA 2-hour chart, indicating more volatility in the market and a possible price turning point.

In support of this optimistic outlook, the upper and lower bands have come in contact: the former at 1.0292923 and the latter at 0.9657374. Since the price movement has moved over the top band, the market is now overbought and may be due for a reversal.

The Elder Force Index (EFI) rating of 21 indicates that purchasing pressure is building and that the market will likely continue its upward trajectory. With this development, a negative reversal is less likely to occur soon, and traders may wish to consider buying into the market to take advantage of the present trend.

The Klinger Oscillator rating of 422 and movement above its signal line indicate that purchasing pressure is prevalent in the market. This move gives traders optimism that the present positive trend in the KDA market will continue soon, leading to more price gains and profit chances.

The Fisher Transform is trending north and above its signal line reading of 3.14, indicating that the KDA market is in a strong uptrend. Traders should look for purchasing opportunities to capitalize on possible price rises.

The Relative Strength Index (RSI) reading of 58.21 on the KDA market indicates that buying pressure is still there but not yet at overbought levels, suggesting that there may still be an opportunity for further price rises before a possible correction.

KDA bulls win the battle, pushing the price to $1.03. Will $1.10 be the next psychological mark to break, or will the bears gain control?

Disclaimer:Cryptocurrency price analysis is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/kadena-price-analysis-17-3/