Kadena Could See a Correction After Recent Strong Gains
The Kadena project has put in a 14% improvement over the last seven days, but that was less than the 200% gain in the previous week.
The Brooklyn-based crypto project is a new to the scene after being launched in January last year and was founded by two former JP Morgan employees: Stuart Popejoy and Will Martino.
The project uses a private chain “Kuro”, a public chain, and an open-source smart contract language called “Pact” that allows anyone with a fair understanding of programming to create their own smart contracts.
The project claims to be more affordable and scalable than its competitors and offers a huge 480,000 TPS, compared to Solana’s 50,000 TPS, or Ethereum’s 14 TPS. That could give the coin a a serious advantage with further adoption. The Kadena blockchain combines 20 sub-chains to support transactions and has increased the blockchain’s hash rate by a factor of twenty.
The coin has soared from only $2.00 in October to hit highs near $28.
Kadena Price Analysis
Kadena was higher by 14% this week and has seen resistance at the $28.00 level. The coin could take a pause from the recent gains for a correction here. The first support level for KDA would be the $15.00 level and the 50-day moving average is lower at the $10.00 level. Once the coin has consolidated a little, we should see a retest of the recent highs.