In our previous Kadena prediction, we wrote that once the price breaks the support, it might rise. That support was at $2.19. However, it broke out, causing the price to fall further by 45%. In the meantime, however, a bullish formation has formed that could push the price a little further up. We at Crypto Ticker are analyzing the Kadena course closely today and checking whether the course can be expanded soon. We also published the current bitcoin forecast. You can read them here (click here).
Will Kadena rise soon?
Kadena’s price fell again this week to +/- $1.33. Now that this is the second time in a row that the price has been lower, the price has formed a potential double bottom. This formation often acts as a bullish trend reversal and thus leads to rising prices. Despite everything, you should keep an eye on the Bitcoin course. If the price of bitcoin keeps falling, the price of Kadena could keep falling as well. Just because a double bottom formation is forming doesn’t mean the price will go up 100%!
How far can Kadena stand up?
If the market sees a double bottom formation, we expect Kadena price to rally towards the former support at $2.19. As a result, the price will confirm the former support as resistance. However, this may cause prices to fall again. Targets are below recent lows ($1.33). If there is a rise of the new resistance, Kadena price is likely to surge towards $3.47. However, we consider this scenario to be unlikely.