Coin Edition -
- Bullish vigor pushes KDA price to a 7-day high in 24 hours.
- Once bulls fail to break resistance, bears seize market control.
- Indications point to a positive turnaround on the horizon.
In the previous 24 hours, the Kadena (KDA) market has been dominated by bearish sentiment, with bullish efforts to reclaim market share thwarted by resistance at the intraday high of $1.18. (7-day new high). Bears took advantage of the bulls’ hesitation to break beyond the new barrier and gradually lowered the price until reaching support at $1.08. As of press time, KDA was trading at $1.12, down 3.57%.
During the slump, the market capitalization and 24-hour trading volume declined by 3.58% and 5.26% to $246,296,448 and $14,295,418, respectively. This pessimistic mood and activity in the KDA market should serve as a cautionary tale to investors: substantial price increases carry with them the possibility of rapid declines.
KDA/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger Bands on the 4-hour price chart are increasing, with the upper band at 1.1920158 and the lower band at 1.0174219, indicating that purchasing sentiment is improving. In addition, the movement of the green candlestick above the midpoint of 1.1047189 and toward the upper band marks the emergence of a bullish trend with an increase in purchasing enthusiasm.
A stochastic RSI value of 14.49 shows that oversold conditions may be an early warning sign of a bullish trend in KDA. This level suggests a change in the market’s underlying mood, with KDA seen as undervalued and rising. This notion provides traders and investors with a lucrative opportunity, as current market sentiment suggests that purchasing KDA could result in a positive return in the near term.
As the MACD line crosses above its signal line with a value of 0.0104328, bullish momentum is in control, and buyers push recent bearishness back, supporting a bullish turnaround. Also, the histogram reading is positive, suggesting purchasing pressure and further proving that the bullish reversal is likely to continue.
The Aroon up reading of 71.43% and Aroon down reading of 14.29% support the bullish reversal, indicating that the market has significant upward momentum. The high Aroon up reading implies that the uptrend is strong and will likely continue, while the low Aroon down reading indicates that the market is under very little negative pressure.
Given that the market’s volatility is diminishing, as shown by the ATR’s downward trend of 0.0357773, the price may continue to rise as buyers develop confidence in the current upswing.
Indicators imply bullish strength is increasing, throwing doubt on the KDA market’s present negative trend.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Bears Reign KDA Market, Indicators Predict a Bullish Reversal appeared first on Coin Edition.