Is KDA on Course to Drop Below $1
Kadena’s price has underperformed throughout September, which has seen its prices dropping by 12 per cent. In today’s trading session, Kadena is looking likely to continue, with prices already down by less than a percentage point.
Kadena’s latest price drop has not come as a surprise. Since hitting its all-time price high of $28.25 on November 11, 2021, the crypto started a long-term aggressive bearish trend, which in under a year has seen Kadena’s value dropping by 95 per cent. The year-to-date data also shows Kadena is down by 90 per cent in 2022. The drop in September is also an extension of the 21 per cent drop we saw in August.
Kadena Price Prediction
The current aggressive bearish trend for Kadena is not surprising when put into context of what has been happening in the markets. In the past few months, the cryptocurrency industry as a whole has been in an aggressive bearish trend, which saw its market capitalization falling below the $1 trillion valuation. Kadena, an altcoin that is very highly correlated with the industry, found itself being dragged by market factors outside of its control. The result has been a huge plummeting of the altcoin in the past two months.
Today, with Kadena looking likely to continue with the bearish trend, I expect the next few trading sessions to also continue the long-term bearish trend. The Williams Alligator indicator also gives strong signals for a continued bearish trend.
There is a high likelihood that we might see Kadena price hitting the $1.35 support level and possibly breaking to the downside towards the $1 psychological level. My analysis is supported by the current bear market of the industry, which is dragging Kadena downwards.
The recent trading volume data also shows a digital asset that has been losing grip with its users. For instance, in the past 24 hours, the trading volume of Kadena has dropped by 40 per cent. Such a huge trading volume change can result in what we are seeing today. However, should the prices trade above the $1.5 price level, then my bearish trend analysis will be invalidated.
Kadena Daily Chart
