The Surge of Kadena’s Native Token
The native token of the proof-of-work ecosystem Kadena, KDA, has experienced significant gains. The asset’s open interest (OI) has surged, but the Relative Strength Index (RSI) indicates a potential price drop.
Impressive Performance of KDA
KDA has seen a 52% increase in the last 24 hours and is currently trading at $1.43. With a market cap of $368 million, it ranks as the 141st-largest cryptocurrency. Additionally, Kadena’s daily trading volume has skyrocketed by 985%, reaching $175 million.
Increased Social Volume and Open Interest
Santiment data reveals that Kadena’s surge in price coincides with a staggering 1,400% rise in social volume over the past day. The majority of this activity can be attributed to X and Telegram.
Furthermore, Kadena’s total open interest has doubled within a day, going from $1.1 million to $2.2 million.
Dominance of Long-Position Holders and Rising RSI
Long-position holders currently dominate KDA across all exchanges, as indicated by Santiment. The aggregated funding rates for Kadena currently stand at 0.07%.
However, Kadena’s Relative Strength Index (RSI) has surged from 62 to nearly 76 in just 24 hours. This suggests the possibility of selling pressure and the need for a cooldown period.
Potential Short-Term Price Decline
Given that the majority of KDA investors are expecting a price increase while the RSI indicates a negative outcome, there could be a short-term decline in price.
Hot Take: Kadena’s Soaring Performance and Potential Challenges Ahead
Kadena’s native token, KDA, has witnessed impressive gains recently, with significant increases in social volume and open interest. However, the surge in price may not be sustainable, as indicated by the rising Relative Strength Index (RSI). While long-position holders currently dominate the market, there is a possibility of selling pressure and a subsequent cooldown period. Investors should remain cautious and monitor the market closely to navigate potential short-term price declines.
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