- KDA price action shows a bearish trend in motion as it reverses from the resistance trendline.
- The Kadena price shows a quick drop of 10%, forming a three-black crow pattern in the daily chart.
- KDA price trend warns of a drop below the 50D EMA to break the $1 psychological support.
With the golden days of recovery in late 2023 becoming a past, Kadena finally enters an intense pullback phase as it fails to cross the $1.5 mark. Further, with a double top reversal, the KDA price trend starts a negative cycle within the long-term triangle formation.
As the downfall continues to gain momentum, the KDA price shows a second rejection rally sprouting from the overhead resistance trendline. Nevertheless, despite the sellers gaining control in the short term, our KDA price prediction remains bullish for 2024.
Kadena Continues To Fall, With $1 Under Threat
Source- Tradingview
Taking rejection from the overhead resistance trendline, the KDA price forms a third consecutive bearish candle in the daily chart. With an intraday fall of 1.77%, the bearish candle might complete the formation of the three black crows today.
Moreover, the huge red candles with increased trading volume signal a high possibility of a bearish continuation. As of now, Kadena trades at $1.16 and struggles to regain bullish momentum.
The falling trend may soon challenge crucial support levels like the rising 50-day EMA, the $1 psychological mark, and multiple Fibonacci levels. Hence, due to the presence of multiple potential reversal spots, the bears may be exhausted before reaching the support trendline.
Technical Indicators:
MACD Indicator: The MACD and signal lines fail to give a bullish crossover as the Kadena price trend reverses from the overhead trendline. Hence, the decline phase for the average lines continues.
EMA: With the ongoing bear phase, the rising 50D EMA is ready to provide dynamic support and potential help in a bounce back.
Can KDA Price Survive Above $1?
The rising trend-momentum of the bearish phase and the bearish candlestick pattern warns of a crash in Kadena. However, the presence of multiple supports can result in a price reversal.
The reversal possibilities are strong at $1 and the 50-day EMA. However, a drop below these can retest the rising support trendline at $0.85.
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