Chart-wise, Kadena doesn't look too positive. The price was last able to experience a price reduction of about 84% and has now created a sideways phase. This consolidation phase (sideways phase) is between $4.94 and $8. Since the sideways phase was formed after a price fall, the chances are higher that the Kadena price will bearishly break out of the sideways phase and see it only as a correction to the price drop. The course could therefore continue to correct itself in the near future.
As we anticipate Kadena price to bearishly break out of the consolidation phase, we expect the price to target the next major support on the weekly chart. This is around $2. Thus, the price could still fall by more than 50% before possibly starting a new upward trend. As soon as we see signs that a new uptrend is about to start, we will update you with a new Kadena forecast.
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