KDA Price Analysis: Rounding Bottom Pattern Could Initiate New Rally In Kadena

The Kadena coin has recently gone through the extended correction phase, which dropped its price to the $9 mark. A steady downtrend for more than a month has discounted the coin value by 67%. As for now, the pair is recovering from this sell-off with the help of a rounding bottom pattern.

KDA/USD Daily Time Frame Chart

Source-Tradingview

Past Performance or Trend-

From October to the first half of November, the Kadena token investors enjoyed a parabolic rally in its price. On November 11th, the coin made a New-All-Time High of $28.2. Furthermore, the intense selling pressure demanded a correction phase and plunged its price to $9 support.

KDA Chart Shows Bullish Crossover Of The Crucial EMAs

On December 15th, the KDA coin bounced from the bottom support with a morning star candle pattern. The coin started to show increasing bullishness in the chart, as its price surged 73% in almost two weeks.

Moreover, the technical chart also shows a rounding bottom pattern in the 4-hour time frame chart. The pattern’s neckline was at the $16 mark, and today the price provided a strong breakout from this resistance.

Currently, the pair is retracing to retest this new support and grab sufficient support for the emerging rally. The crypto traders can consider going long in this coin if the price shows good sustainability above the $16 mark.

By the press time, the KDA coin is trading at 15.98, with an intraday gain of 4.06%. The 24hr volume change is $136.2 Million, indicating an 84% hike. According to Coinmarketcap, the coin stands at 61st rank with its current market cap of $2.58 Billion(+18.2).

KDA/USD 4-hour Time Frame Chart

Source-Tradingview

Technical Indicators-

• -The daily Relative Strength Index(53) shows a similar recovery in its chart where its line has entered the bullish territory. 
• -The KDA coin reclaims a bullish alignment among the crucial EMA levels(20, 50, 100, and 200). Moreover, the coin also shows a bullish crossover of the 20 and 50 EMA, attracting even more buyers in the market.

The important chart levels-

• -Resistance: $18.7, $21.
• -Support: $14, $12.4