Hello Traders! Today we will consider the trading pair KDA/USDT
First-off, from a fundamental point of view, Kadena is a solid project with appealing Use Cases Launching one of the world's first scalable ready for application, Public braided blockchain, Delivers Security & throughput, with a mission to unite public applications, private blockchains, and other interoperable blockchains in one place, driving traffic to the high-bandwith computer at the heartof the Kadena public blockchain. Ohh, Forgot to mention it processes more transactions per second than solana. 480,000 transactions/second compared to Solana's 2,777 all thanks to it's braided chains.
Moving to the Technical Aspect of things, the chart above suggests Kadena is undervalued coupled with it's fundamentals. Bullish Divergence formed complicated things, therefore we consider multiple scenarios if not all.
Currently in a large degre 5-way impulse move(orange), price action is yet to complete the 3rd wave. 3rd wave consisting of a smaller degree 5-way impulse move(blue) looks to be either in the 4th (correction) wave still, or on coure for it's 5th impulse wave to complete the larger-degree 3rd wave.
(Still holding it's ascending trendline, white pathway looks valid for the time being)
Highlighted are pathways price could follow, each following the rules of the wave count. DCA zone/240(1) support is a good area to grab some irrespective of which scenario plays out. Blue support zone down at the D4 support area(0.618 support) is the best place for large buys and to go long.
Green confluence zone is a take profit area with confluence irrespective of which scenario plays out, Blue Resistance zone is Main target should wave 5 be much longer than wave 1. Either way, Wave 3 looks to be the longest making this a Third Wave Extension.
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Forgot to mention, major exchanges listed on currently are KuCoin, Coinex, Bittrex & Gate.io for the time being. Binance, Coinbase, FTX, Bitstamp, OKEX, Crypto.com, Poloniex, Huobi Global, Uniswap, Upbit and other exchanges still yet to list KADENA. We're Early!
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Update to the chart! Seems our DCA ZONE is going to be a likely stop for price, should the RSI repeat it's pattern.
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Price has managed to find it's way to our DCA zone and we have eliminated a few pathways in the process Price action becoming clearer by the day. HODL!
@kimtee92 thanks for the feedback, hope it helped you
Solartje
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Subbed.
looks like we like the same crypto, i have the same idea's, use the same eliot+price action+trendline. was hoping to add more at 9$ but this project is to strong. think its going straight to 40$ where ill take profit. like the candle idea, never considered that.
whats your wave 5 target?
love the candle idea.
RektMyMom
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@Solartje, Thank you for the feedback! Pathway depends on Bitcoin PA, My target for wave 5 is anything above $130, $130-$150. Happy New Years!!
majideskandari4312
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Hi Dear, Do you think KDA will touch $ 1.9 !!! If you could, have an update of your analysis Many Thanks