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The RSI is at the Overbought Zone; Can Bears Restrict KENDU?

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Kendu Inu
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Kendu Inu (KENDU), the fresh entrant in the 2024 meme coin arena alongside other meme projects like Shiba Inu, has made a spectacular ascent, propelling its market capitalization by an astounding $200 million. 

In a mere week span, the KENDU price surged by nearly 500% and is peaking at an impressive $0.00030. This meteoric rise was fueled by a surge in investor interest, as evidenced by a significant increase in the trading volume. The trading volume soared past $15 million, according to the CoinGecko data, indicating a heightened market enthusiasm.

Despite this remarkable uptick, KENDU encountered resistance at higher price levels. That led to the formation of a rejection wick on the price chart. It suggests that Kendu crypto’s market supply side began to outweigh demand at these elevated prices. 

Consequently, the coin’s weekly gain adjusted to a still notable 230%, with its market cap stabilizing around $189 million and the trading volume settling at $13.25 million. That reflects a robust week of trading activity for this burgeoning meme coin.

Kendu Inu (KENDU) ATH and ATL Statistics

When writing, the all-time high (ATH) for the Kendu Inu (KENDU) price was at the $0.00030 level, recorded on Jun 10, 2024. The current price trades at 36.30% lower than the all-time high price.

According to Coingecko, the all-time low (ATL) price for Kendu Inu (KENDU) was $0.052686, recorded on May 01, 2024. Comparatively, the current price traded 7,088.54% higher than the ATL level.

Continuous Gains in the Number of KENDU Meme Coin Holders!

The Kendu Inu crypto’s official X handle tweeted that it had witnessed a continuous surge in the number of holders (1 day). 

The number of holders has risen to nearly $8.2K from almost 7.7K. The metrics look optimistic, displaying pure organic growth by the metric.

Where Can Investors Buy the Kendu Inu (KENDU) Meme Coin?

According to CoinGecko, the Kendu Inu (KENDU) tokens could be traded on a CEX and DEX. For investors to buy KENDU and trade (DYOR), the most popular exchange would be Bilaxy. Moreover, the most active trading pair on Bilaxy is KENDU/ETH, which held around $88,163 in trading volume in the last 24 hours. More other popular options include Uniswap V3 and LBank.

Decoding the KENDU Price Pattern on the Daily Chart!

The KENDU price started with consolidation and slowly gained pace after May’s first week. The bull’s interest increased, and the price started surging and registering new peaks above previous swing highs. That looked like a formation of the upper trendline resistance.

Thereafter, the price broke out of the trendline hurdle on June 6th, taking support from the key support area at $0.000050.

At press time, the KENDU price was trading at $0.00019 with a 3.57% intraday gain. It traded above the dynamic support of 50-day EMA.

Other reliable tools, such as MACD and RSI, also illustrate KENDU crypto’s growth. However, the RSI has flashed at 91.18, an extremely overbought territory, and the bullish strength could be capped. Therefore, investors and readers should stay cautious.

If the KENDU crypto continues to surge, the new targets would be $0.00030 and $0.00035. 

However, bearishness could increase if it fails below $0.00015, and the next support would be the $0.00010 mark.

Summary

Kendu Inu (KENDU) experienced a significant increase in market capitalization and price value, with a surge in investor interest. However, The coin encountered resistance at higher price levels, leading to the formation of a rejection wick on the price chart.

Moreover, There was a continuous surge in the number of Kendu Inu (KENDU) holders, indicating organic growth in the metrics.

Additionally, While the MACD and RSI indicated growth in KENDU crypto, the RSI reaching an extremely overbought territory signaled the need for caution. Meanwhile, potential price targets for KENDU were $0.00030 and $0.00035, and there was the possibility of increased bearishness if it fell below a $0.00015 price level.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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