Kadena Price Analysis: Kadena is on a descending triangle pattern on the daily chart

• Kadena Token Price is testing the resistance zone of the descending triangle
• The token has successfully tested the 20-days EMA on the chart as well
• The coin has been on a strong bullish momentum over the last few days

Kadena Token Price has been on a descending triangle pattern on the daily chart. The coin has been testing the Moving averages. The coin successfully broke the 20-day Exponential Moving Average (EMA) and is looking to test the 50 and 100 days EMAs. The coin has formed strong support at $ 4.50. The volumes have been declining for the token over the past month. Having said that the coin is on a bullish momentum over the most part of the last trading week. It remains to be seen how the coin reacts as it tests the resistance zone of the descending triangle pattern.

Kadena Token Price has been on a strong bullish trend on the hourly chart. The coin was trading in a range between $ 5.00 and $ 6.45 before breaking out of the zone on the back of strong bullish momentum. The coin looks set to continue the bullish trend over the net few trading hours till the resistance of the descending triangle. The volumes over the last few hours have been impressive. The coin is in a crucial phase as it is testing the resistance of the descending triangle.

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Conclusion:

Kadena Token has been on a bullish dominance over the last few days on the hourly chart as it tests the resistance of the descending triangle pattern. The coin looks bullish going by the indicators.

Support: $ 5.00

Resistance: $ 8.60

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.