What Next for Kadena (KDA) After 37% Crash – Price Forecast
- KDA price declined by over 37% since its highest mark last week.
- The pair hover at the lowest value area since 7 February.
- Kadena has lost nearly 70% since its ATH.
Kadena (KDA/USD) saw its sell-off accelerating today morning while the crypto turmoil continued. The pair trades around the $6.68 mark, around 37% lower than the highest mark touched over the previous week. Also, the coin hovers at the lowest values since 7 February.
Is KDA a Ghost Project?
Kadena is among the blockchain projects that gained popularity in 2021 as market players jumped into ETH-killers. The platform attracted most individuals as it promises lower costs and fast speeds. While Ethereum completes not more than 30 transactions every second, Kadena can handle more than 480,000 transactions at the same duration.
That way, Kadena targets to be one of the fastest blockchain networks globally. Remember, Visa completes about 5,000 transactions each second. Though market players enjoy fast speeds, most developers haven’t embraced Kadena. Though Kadena hosts several projects, none has reached the mainstream. Meanwhile, developers use renowned platforms such as Solana, Ethereum, Terra, and Avalanche to build DeFi projects.
Kadena is also plunging due to the global crypto market performance. Bitcoin declines from its last week’s peak of above $44,000 to around $42,000, wavering at $42,077.34 at this publication. Moreover, the overall crypto market capitalization fell from levels above $2 trillion to near $1.8 trillion within a week.
The performance emerged amid geopolitical fears that triggered tensions between Ukraine and Russia. Such news scared investors, translating to plummets in the stock marketplace. The surging inflation pressure and Fed’s hawkish stance also led to Kadena’s retreats.
Kadena Price Forecast
According to the 4hr chart, KDA has maintained a bearish picture over the last few days. The crypto lost almost 37% of its price from the past week’s peak. That had Kadena’s price declining under the 25- and 50-day MAs.
Meanwhile, oscillators such as the Stochastic and Moving Average Convergence Divergence move lower. That means KDA price might keep declining as bears eye the following support around $6.
Editorial credit: FellowNeko / shutterstock.com
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