- The latest drop in bitcoin’s price tossed down the gains registered by many altcoins.
- The Komodo price has risen +97.5% year-to-date and currently trades at $0.98.
- Komodo trading at a price of $0.98 at press time, Komodo (KMD) continued to flounder near important resistance levels.
The cryptocurrency market faces major hurdles despite its most recent bull run. However, experts believe that the current price drop doesn’t signal a trend reversal, but it could be a price correction. Bitcoin’s price took the flight to the $12400 mark earlier this month, building a yearly high. However, the bulls couldn’t sustain the run and fall sharply to $11,500. The latest drop in bitcoin’s price tossed down the gains registered by many altcoins. While in contrast, some altcoins observed seeking an independent trajectory and reporting significant gains in the bearish market. The cases of Chainlink, Decred, and komodo demonstrate the same.
Komodo (KMD) is one of the top 10 gainers of the day, over the last month, Komodo network’s native token KMD has climbed 43.9%, yielding from the broader bullish conditions across the altcoin market. The Komodo price has risen +97.5% year-to-date and currently trades at $0.98 with a market cap of $119 million, holding the 93rd position on CoinMarketCap’s ladder. Leading altcoin ETH has observed a price increase of 203% year-to-date.
Recently, Singapore’s anti-money laundering (AML) acts issue guidelines and acts of legislation for various financial institutions, shredding off the privacy features from the Komodo (KMD) cryptocurrency. Following which Komodo released a legal opinion from lawyers, stating that they are strictly compliant with strict Singapore securities and AML laws, as shielded transactions were already disabled on the KMD chain since February 15, 2019, effectively stripping KMD of its privacy features.
Komodo Price Analysis
Komodo trading at a price of $0.98 at press time, Komodo (KMD) continued to flounder near important resistance levels. After registering a previous weekly close of $0.79, KMD saw buy pressure dominate the charts. Komodo registered 12.11% gains in the last 24 hours, KMD was noting a market cap of $11.9 billion with a 24-hour trading volume of $1.6 billion.
At the time of writing, corrections ensued across the board, with the crypto down by almost 22.9% over the last 7 days. Interestingly, this came on the back of a slight downtrend in KMD price’s between 14 August to 19th August.
As illustrated in the above analysis, KMD has been in accumulation for over a year. The recent buy volume in coins indicated the increasing interest from buyers. The chart pattern indicated an upward price breakout above 837 satoshi from there kmd doesn’t have much resistance to move quickly towards 1694 satoshi. Buying above accumulation on the retest would be safe to buy.