Kadena (KDA) Shows Bullish Signals as Price Hints at Potential Breakout

• KDA eyes a potential breakout from $0.40 support with a $0.90 resistance key for bullish rally.
• Falling wedge pattern hints at a bullish reversal as KDA targets $0.90 resistance level.
• Kadena gains 3.39%, trading volume steady as a breakout above $0.90 may trigger further gains.

Kadena (KDA) against Tether (USDT) is signaling a possible bullish continuation from a critical support zone at $0.40. The price movement follows a falling wedge pattern, often viewed as a bullish reversal indicator. Currently, KDA appears to be preparing for a breakout above the descending resistance line, with internal resistance at $0.90 as the next key target.

KDA has been trading within a descending channel on the daily timeframe, with price movements closely aligned to the pattern’s boundaries. The price recently rebounded from the lower boundary near $0.42, suggesting a potential reversal. 

As of now, KDA is trading around $0.532, indicating that it might be heading toward the upper resistance level of around $0.90. This level, marked by a highlighted gray zone on the chart, is crucial for determining the next phase of KDA’s price movement.

If KDA successfully breaks out of the descending channel, it could potentially move toward the resistance zone around $0.90. A breakout above this level could set the stage for a significant bullish rally, potentially leading to further gains beyond the $0.90 resistance. 

However, caution is necessary, as a failure to break out could result in a retest of the channel’s lower boundary or even a revisit to the support level near $0.42.

As of the time of writing, Kadena was trading at $0.547429, reflecting an increase of 3.39% in the last 24 hours. The 24-hour trading volume stands at $3,856,669, indicating steady trading activity. Kadena ranks #260 on CoinMarketCap, with a live market cap of $156,583,000. The circulating supply of KDA coins is 286,033,389, with a maximum supply capped at 1 million KDA coins.