Kadena Plummets Double Digits: Risks Falling Below $1 - What's Going On?
Kadena (KDA) is facing significant challenges. After a turbulent week, analysts are watching closely to see if it can avoid falling below the crucial $1 mark. Could Kadena, the once-promising blockchain project, be heading for further decline?
Kadena coin (KDA) was severely battered in the indices last week after Bitcoin slipped below the $29,000 mark. Kadena had slipped to $1.44 during last week’s c. This recent downward pressure adds to concerns already brewing in the crypto market.
In a turn of events for Kadena, the cryptocurrency is experiencing an intense pullback phase after failing to breach the $1.5 mark. The recent double top reversal has further intensified selling pressure.
KDA/USD Sell-Off Accelerating: Crypto Turmoil Continues
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 peak. This rapid decline is raising serious questions about Kadena's short-term prospects.
The cryptocurrency industry continues to crash, and most coins are seeing losses with the weekly percentages in double digits. The losses are varying from crypto project to project, but Kadena's volatility is particularly concerning.
Can Kadena Survive Above $1? The Critical Threshold
Surviving Above $1: The looming question revolves around whether Kadena's price can withstand the pressure and stay above the crucial $1 mark. The rising bearish sentiment could push it lower if support levels fail.
The FTX-induced crypto crash pushed Kadena coin (KDA) below $1 this month, and the crypto is struggling to claw back to its previous numbers. While some remain optimistic, the current market conditions present a formidable challenge.
One investor notes, “I’ve been stacking up last few weeks recycling profits from other assets as believe Kadena is a top notch project and now extremely oversold versus peers. It’s yet to make serious moves price-wise.” However, this sentiment is countered by the broader market's current fear and uncertainty.