By Luke F - Cryptocurrency Dealer - 08-11-2021
In recent weeks, altcoins have been surging in price, with some coins reaching percentages in the triple digits. Within the last month, Solana (SOL) has been on a bullish streak and seeing a rise of over 50%, Shiba Inu (SHIB) spiked past 100% to new all-time highs, and prices to buy Decentraland (MANA) skyrocketed to nearly 400%.
Dominating the latest bull market is another underdog in the cryptocurrency trading world. Kadena (KDA), a crypto asset that "makes blockchain work for everyone," showed exponential growth last month. October was a satisfyingly bullish month exciting all investors that buy Kadena. KDA pushed the boundaries and proved all predictions wrong by reaching highs of 1165% with prices of around $18.
The Kadena coin has had a bullish streak; its RSI value is currently at 88, which suggests massive growth while also indicating that the asset is overbought. The rally has since ceased at $18.38 with predicted future resistance bars of $20 and $24 compared to its nearest fallback support of $16. An indicator that shows the convergence and divergence moving average has shown that KDA remains very bullish. The graph shows that the two lines are higher than 0.00, which is a neutral mark; however, the lines indicate a positive outlook.
The is yet to be any indication of a bearish trend with Kadena, as many technical analyses prove that the only way for KDA is up. Despite the high current spike in price, KDA traders strongly hold their assets for the long term.