Kadena Price Analysis: Kadena is testing the resistance of the descending triangle

• Kadena Token Price broke out of the resistance zone for a brief interval
• The token has been receiving huge volumes over the last few days
• 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 putting its moving averages to the test. The coin has broken through the 20-day Exponential Moving Average (EMA) and is now attempting to break through the 50-day and 100-day EMAs. At $ 4.50, the coin has found significant support. Over the last month, the token’s volume has been decreasing. Having said that, the coin has been on a bullish trend for the majority of the previous trading week. It will be interesting to see how the coin reacts when it approaches the descending triangle pattern’s resistance zone.

Kadena Token Price has been on a strong bullish trend on the hourly chart. The coin has been trading in a band of $ 5.00 to $ 6.45 before breaking out on the back of strong bullish momentum. Over the next few trading hours, the coin appears to be on track to maintain its bullish trend until it reaches the descending triangle’s resistance. Over the last few hours, the volume has been incredible. The coin is in a critical stage, as it is testing the descending triangle’s resistance.

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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.