The Kadena price relentless rally continued during the weekend as investors remained optimistic about the new Ethereum-killer. The KDA price surged to an all-time high of $26, bringing its total market capitalization to more than $3 billion. Its ranking among cryptocurrencies has risen to 58.
What is Kadena?
Kadena is a fast-growing blockchain project that is aiming to become a real Ethereum-challenger. The developers have raised more than $15 million from investors like SV Angel, Compound, and Distributed Global.
Notably, the platform was started by two JP Morgan employees. It was then incubated in the company’s accelerator program. It is unclear whether the company, which is the biggest bank in the US, has a stake in the company.
The two founders worked on JP Morgan’s blockchain initiatives. They also took part in the building of JPM Coin, a cryptocurrency the company uses to transfer funds.
Kadena’s goal is to turbocharge the current blockchain industry. To achieve this, the platform uses a new smart contract language known as Pact and an open-source platform known as Kuro.
According to the developers, this new system will help the blockchain industry by ensuring faster speed, lowering costs, and bringing more scalability to the network. For example, on speed, the company claims that it can handle more than 400k transactions per second. In comparison, Bitcoin and Ethereum handle less than 20 transactions per second.
Therefore, the Kadena price is rising because investors believe it is the future of Dapp development because of its speed.
In addition, other buyers believe in the company’s backers and the team behind it. In the past, we have seen many cryptocurrencies like Cardano and Polkadot soar because of the founders’ experience. Also, the Kadena price has rallied because of fear of missing out (FOMO).
Kadena price prediction
Turning to the four-hour chart, we see that the KDA price has been in a major bullish trend in the past few weeks. The price managed to move above the bullish pennant pattern that is shown in black. It has also rallied above the short and longer-term moving averages. The Relative Strength Index (RSI) has moved below the overbought level.
Therefore, in the longer term, the Kadena price will remain in a bullish trend as more investors jump in. In the short term, however, the price will likely have a small pullback as earlier traders take profits.
