Crypto News

Terra LUNA is pulling back towards support, Kadena Crypto (KDA) cannot hold gains through resistance

The situation on the crypto market seems uncertain; the bearish period is over, but buyers cannot yet regain full control. We saw a rise last week that looked like the bullish reversal everyone had been waiting for, but in the past two days we have seen a decline. Terra LUNA and Kadena coin have also withdrawn in the past two days and we are looking into where to buy them as they are showing pressure to buy.

Terra LUNA Daily Chart – Buy for $ 78

LUNA coin has been one of the most optimistic cryptos in the past few months, hitting new highs in the market even in bearish times. The previous high of $ 78 came earlier this month as the crypto market pulled back. Now that the price in LUNA / USD is falling, this controls Cryptocurrency back to that level that should turn into support. The 20-day SMA is also there, which should add more strength to the support.

The fundamentals for Terra LUNA look solid, so we don’t expect to pull coin back too deep, and the $ 78 mark seems like the right zone for the reversal to begin. Terra has amassed $ 21 billion in Total Value Locked (TVL) and the amount continues to grow. Terras Stablecoin UST has dealt with a Market capitalization grew from $ 10 billion to the largest decentralized stablecoin. This maintains the demand for LUNA so that losses are limited.

Kadena Tageschart – KDA is among the resistance back

Kadena coin was massively bullish in late October and early November, rising from around $ 2 to $ 28.50. After that surge, sentiment in the market turned quite bearish and KDA / USD lost about 2/3 of its value as the price fell to $ 9 where it formed a support zone. We had a flash crash earlier this month that drove the price down to $ 6, but the decline and subsequent reversal happened too quickly.

Terra LUNA is pulling back towards support, Kadena Crypto (KDA) cannot hold gains through resistance, Crypto Trading News

KDA is going bearish this week

The price of Kadena doubled as it rose to $ 18.20 on Monday, above the previous support of $ 16. But this week turned bearish for cryptos and KDA flipped down so it couldn’t hold gains above resistance. If the retreat continues, the USD 9 support zone should be a good place to buy Kadena. Kadena has made changes that will allow both users and developers to use non-fungible tokens (NFTs) to mint and buy.

In addition to this, Kadena will also enable staking, a form of smart contract that allows investors to earn interest on their crypto-coins while holding them. These protocol changes will also enable the provision of other types of decentralized finance (DeFi) and decentralized applications (DApps). Hence, losses should be limited for Kadena as well, which means the $ 9 level is a reasonable area to reverse the price upside.

Source: Crypto News Deutsch

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