2022-05-20 09:40:58

KDA Technical Analysis: KDA Buyers Resurface Upon Retest

KDA price action shows a successful retest phase of the broken resistance trendline resulting in a 16% growth candle. Will the reversal rally reach $3.50? Key technical points: KDA prices have increased by 16% overnight. The Stochastic RSI reveals a bullish crossover possibility. The 24-hour trading volume of Kadena is $55 Million, reflecting a 23% fall. Past Performance of KDA KDA prices broke above the crucial resistance trendline in the daily chart, which kept the downtrend, accounting for an 80% fall, in motion. The bullish reversal from the $1.5 made three consecutive bullish candles reach $3.35, accounting for a 116% surge in market value. However, the bullish failure to sustain the buying pressure led to a takeover by sellers above $3, resulting in a retest of the resistance trendline. Source-Tradingview KDA Technical Analysis KDA price action grows drastically overnight with a 16% bullish candle from the $2.30 support level. This resurgence of buyers indicates the start of a post-retest reversal. Hence, the chances of a prolonged uptrend increase significantly. The crucial EMAs maintain a bearish trend after the recent negative crossover of the 100 and 200-day EMAs. However, the trendline retest might lead to a bullish rally to the 50-day EMA. The RSI slope struggles to reach the halfway line as it moves sideways trend in the nearly oversold zone. However, despite a sideways trend, the reversal from the oversold zone b...

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