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Bulls held the most significant influence on the Kadena (KDA) market in the last 24 hours, although bearish efforts were still visible, as KDA fell to a 24-hour low of $0.9888.
On the other hand, the bullish strength was strong enough to overcome the bearish attempts and successfully elevate the KDA price to a high of $1.03 before encountering resistance. At press time, KDA was trading at $1.01, up 0.32% from the previous day’s close.
If the bulls maintain their dominance and break over the 24-hour high, the next resistance levels may be at $1.05 and $1.10, respectively, while a sudden change in market sentiment may cause a price retreat toward the support levels at $0.98 and $0.95.
During the bull-bear battle for supremacy, the market capitalization increased by 1.22% to $225,636,799, indicating that investors are actively tracking price changes and profiting from volatility.
The 23.30% drop in 24-hour trading volume to $5,124,285 implies that investors are becoming more cautious and waiting for more apparent signs before making more transactions, indicating a possible change in market mood.
KDA/USD 24-hour price chart (source: CoinMarketCap)
The Relative Strength Index (RSI) on the KDA 2-hour price chart just recorded a bearish crossing by falling below its signal line with a value of -2.02. This trend shows that the present bullish trend is losing steam and that a trend reversal is possible.
The RSI bearish crossing indicates that buying pressure is waning and selling pressure is building, suggesting a likely move in market sentiment toward an unfavorable view.
Adding to the gloomy picture, the Rate of Change falls below the “0” line and into the negative territory, reading -2.02. This ROC movement indicates that the asset’s momentum is waning and that a trend reversal is possible in the near future.
As a consequence of this trend, traders may see it as a signal to abandon long holdings or even to enter short ones in expectation of a price decrease.
KDA/USD chart (source: TradingView)
With a stochastic RSI value of 56.96 and going below its signal line, the bullish trend in the KDA market may be losing steam, signaling a probable change in market mood.
This movement shows that traders should exercise caution and actively observe market activity before making any trading choices, as a further decrease in the stochastic RSI level might imply a more severe shift toward the negative sentiment.
The Chaikin Money Flow (CMF) trend in the negative zone, with a score of -0.15, indicates that selling pressure is rising, which might further impact the price. This CMF pattern indicates that traders are more eager to sell than purchase, which might lead to a negative market trend.
KDA/USD chart (source: TradingView)
KDA market sentiment turns bearish as indicators signal a possible trend reversal, suggesting bears have the upper hand.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.