Kadena (KDA) — Reversal in the Making?

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Kadena (KDA) has captured significant attention today. The token is one of the top gainers, with a peak of over 30% in intraday trading (it is currently still up +18%).

The surge has been driven primarily by Binance’s announcement of launching USD-margined perpetual contracts for KDA.

The big question is: Does this pump signal a long-term reversal, or is it a temporary reaction to news?

Let’s break it down in this post.

1️⃣ Key Technical Points
• Bottom Formation at $0.40: After months of downward pressure, KDA found a solid bottom at ~$ $0.40. The token has shown resilience and bounced consistently off this level.
• Resistance at $0.66: The first significant test for KDA is closing above the $0.66 resistance level. The token must break and hold this area to confirm a more sustained uptrend.
• Next Targets: $0.86 and $0.95: If KDA breaks $0.66, the next logical resistance levels to watch are $0.86 and $0.95. These levels will serve as significant barriers, but clearing them would allow KDA to move even higher, possibly toward the $1 mark.

2️⃣ What’s Next
• Confirming the Reversal: While today’s pump is encouraging, waiting for confirmation is essential. For the token to establish a solid bullish trajectory, a close above $0.66 is necessary. Without this, the pullback risk remains, especially considering the pump may be news-driven.
• Potential Pullback: If the $0.66 resistance holds and KDA is rejected, we could see a retracement to the $0.50-$0.52 area, which has previously served as minor support. If market sentiment shifts, a deeper pullback to $0.41 could also be possible.

3️⃣ Volume Insights
The volume has steadily increased, reflecting growing interest and confidence in the token’s price action. While this supports the bullish case, we need more volume to confirm the breakout above $0.66.

Kadena’s recent surge is promising but hinges on its ability to close above the $0.66 resistance level. If KDA can break above this level, a move to $0.86 and $0.95 becomes likely.