Kadena Price Prediction: Recent Decline is a Correction and Not a Reversal
The Kadena price action is taking a hiatus today, which puts many bullish KDA price predictions on hold. The token has seen considerable demand in recent weeks. The decline follows the completion of the price objective from the bullish pennant’s measured move. However, the trend on the asset remains bullish despite the recent drop.
Kadena released a tweet saying it had released the Chainweb-Mining-Client, which adds another layer of decentralization to traditional proof-of-work blockchains. However, the bulls have been unable to capitalize on the news to send Kadena higher.
The KDA/USDT pair is now trading 7.32% lower on the day, following the formation of a pinbar candle after Thursday’s trading.
Kadena Price Prediction
The 4-hour chart shows an intraday decline which is now targeting the support at 20.8360. If the decline takes out this support, 15.5373 becomes the next downside target.
On the flip side, the bulls would be looking to clear the 28.1064 resistance barrier to take the KAD/USDT pair to new record highs. This move could follow from a bounce on the 20.8360 price mark, following the correction from the upside move that completed the previous bullish pennant. This bounce needs to uncap the 25.1632 resistance to give credence to the upside move.