Kadena Price Up By 1.67% – Time to Buy KDA Coin?
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The Kadena protocol is not a well-known platform because it favours the old proof-of-work (PoW) consensus mechanism – a validation process new generations of protocols are shying away from.
The platform also does not enjoy the same PR as Ethereum and other top proof-of-stake (PoS) protocols. However, Kadena is changing this narrative by offering a robust network where decentralised finance (DeFi) and non-fungible tokens (NFTs) ecosystems can thrive.
The asset has caught several investors’ attention in the past week, with many now looking to buy KDA. Its daily rally may seem negligible, but its seven-day increase is mind-blowing.
This article examines Kadena’s technical and fundamental performance to ascertain if this is the best time to buy KDA.
KDA: Climbing Up The Crypto Ranks Steadily
Kadena is a scalable layer-one blockchain protocol with a penchant for keying into the vibrant blockchain ecosystem. Currently outside the top 50 most valuable crypto protocols at the 53rd spot, Kadena has a 0.13% market dominance in the flourishing altcoin division. Its governance token KDA is trading at $23.47, up 1.67% in the past 24 hours.
Even more impressive is the seven-day gains. KDA has surged 122.48% in the past week, easily making a mark in the fast-growing DeFi and NFT ecosystems.
The protocol’s market cap has kept a strong showing; although it is down 5% and at $3.7 billion at press time, this has negatively impacted the 24-hour trading volume pegged at over $229 million.
Meanwhile, KDA’s modest 24-hour growth betrays its earlier ascent 24 hours earlier. The PoW blockchain protocol shot to an eye-watering value of $27.64, reflecting a 33,908% increase from its all-time low (ATL) of $0.065811 in March 2020.
With so much potential and high throughput of 480,000 transactions per second (TPS), Kadena may be a natural fit for the rapid pace of the DeFi ecosystem making this an ideal moment to buy KDA.
KDA Technical And Fundamental Analysis
As expected, KDA is seeing massive bullish activities. The digital asset is soaring above the 20-day moving average (MA) support price of $11.7501, with its current price peg almost twice its support level. The 200-day MA shows a similar bullish trend as KDA is soaring above the indicator price of $7.7842.
The 14-day relative strength index (RSI) figure of 76.44 indicates that KDA is in the overbought region as more investors pile into the trade.
The moving average convergence and divergence (MACD) point to a strong bullish wave as the green trendline leads the orange line. This is a buy signal and further denotes that investors want to buy KDA.
The strong sense of growth and urgency around the Kadena protocol has been due to its recent forays.
In a recent tweet, Kadena announced that it was entering the booming world of decentralised finance (DeFi) with the launch of its wrapped KDA or wKDA.
This will allow its network to easily interface with all Ethereum Virtual Machine (EVM) compatible protocols.
Alongside this, non-fungible token (NFT) projects are already tapping the Kadena project due to its 480,000 high throughput. One of such is UFO which will build its NFT gaming platform on the Kadena blockchain.