Crypto NewsEthereum (ETH)

may Ethereum ETH, Kadena Coin KDA push above MAs to break downtrend?

The crypto market attempted to turn bullish in March after retreating lower from November through January. But buyers gave up at the end of the month and the decline resumed again in April. The decline stalled earlier this month and cryptocurrencies have not printed lower lows since, but the highs continue to drop lower as the moving averages continue Resistance Afford. But can they turn bullish after this recent consolidation?

Ethereum H4 chart – consolidating around $2,000

may Ethereum ETH, Kadena Coin KDA push above MAs to break downtrend?, Crypto Trading News

The 100 SMA is now acting as a resistance

ETH/USD reversed lower in November after failing to break the main resistance zone around $5,000. The price dropped to $2,200 in January. In March, buyers surged above $3,500 but they gave up and the decline resumed and picked up pace earlier this month.

Ethereum launched the first mainnet shadow fork in preparation for merge with Layer 2 network which should lower gas fees which should have been bullish Ethereum but crypto market sentiment was negative as risk sentiment remains bearish. Although the decline has stalled above the long-term resistance at $1,700 and for the past two weeks we have seen Ethereum trade in a range around the $2,000 level. The 100 SMA rejected the price in the last bullish attempt, so let’s see which side will win this fight.

Airdrop from VNSMART may Ethereum ETH, Kadena Coin KDA push above MAs to break downtrend?, Crypto Trading News

Kadena Daily Chart – The 20 SMA is holding KDA down

may Ethereum ETH, Kadena Coin KDA push above MAs to break downtrend?, Crypto Trading News

Kadena continues to make lower highs

Kadena is another interesting Layer 1Blockchain and a competitor to Kadena Ethereum. Although due to the Power of Work (PoW) is much faster, but with the braided multi-chain architecture, which is great for scaling by combining consensus with directed acyclic graph (DAG) principles. Kadena can run up to 480,000 transactions per second (TPS) and doesn’t suffer from congestion, which keeps fees low. Kadena claims to be the only blockchain network capable of scaling more than 9 million trades per day.

But KDA/USD still remains bearish since it reversed in November after a massive surge in October last year in this digital coin. We saw another decent bullish attempt earlier this year after listing on Binance. But the buyers failed and the decline resumed. Kadena’s poor performance earlier this week was unexpected as the network announced the launch of KDSwapDEX, which launched Monday on the Kadena network. Such events usually trigger profits for the underlying token because traders are convinced that the coin’s utility will be expanded. But Kadena remains bearish, although this could be a good time to look for longs here.

ETH/USD

Source: Crypto News Deutsch

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