Cryptocurrencies tumbled lower at the end of last week, after being bearish for most of last month, and some of them suffered some heavy losses, such as Litecoin which lost around 60%, while Kadena coin lost more than 70%. There was some heavy profit-taking during that crash, but the decline has stopped this week and cryptocurrencies are trying to decide what to do next.
KDA Daily Chart Analysis – Kadena Adding Staking
The Kadena coin went through a major surge at the end of October, and during half of November. It was trading at around 2 back then, before surging to $28.50 by the middle of last month. That’s a 1,4005% increase in less than a month, so whoever was long on Kadena should have made a killing back then.
But, as the market turned bearish, so did KDA/USD, which tumbled lower to under $9. But the decline seems to have stopped now, and Kadena has been trading between $10 and $13 for the last few days. This suggests that the selling period might be over.
Fundamentals look good, with Kadena announcing changes to its protocol, that will allow new use cases for this crypto. This change will give both users and developers the ability to mint and buy non-fungible tokens (NFTs). Kadena will also enable staking, which is a form of a smart contract, allowing investors to earn interest on their KDA coins. So, this looks like a good opportunity to buy Kadena, now that it is trading at the lows, before the bullish trend resumes again.
Litecoin Daily Chart Analysis – The Support at $145 Holds for LTC