- KDA faces resistance at $1.03 with support levels at $0.98 and $0.95.
- Bullish strength struggles as RSI and CMF trend downward, signaling a potential shift.
- Investors exercise caution as trading volume drops by 23.30% in 24 hours.
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.
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.
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 market sentiment turns bearish as indicators signal a possible trend reversal, suggesting bears have the upper hand.
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