Kadena (KDA)

Kadena once became so popular that its price exploded upward. After that, not surprisingly, KDA entered a corrective wave, a long one. It seems the corrective wave have rested at 0.786 Fibonacci level and is consolidating in a rectangle shaped pattern. Also, an A-B-C pattern might unfold; if true and C=A, this means price sharp upward move could be experienced again. Let's see what happens.

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So KDA downtrend is unfolding in a descending channel. First, we have to see price break this channel upward.

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It seems KDA's correction is finished. Let's see if KDA can break the downtrend channel upward.

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Finally, KDA broke the downtrend channel.

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KDA, right on time.

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So, KDA went up well and wave 1 ended. It seems, correction wave 2 might be unfolding in an inverted wedge pattern. Keep in mind that wave count is for illustration and wave count or wave formation probably going to change as more candles forms. Overall, KDA chart looks promising. Let's see what happens.