Cryptocurrencies had a relatively weak performance during the weekend. Bitcoin, the biggest cryptocurrency in the world, declined to about $42,000 on Saturday. Ethereum has crashed by more than 18% from its all-time high. In total, the market capitalization of all cryptocurrencies crashed to about $2.3 trillion. In this article, we will look at top three cryptocurrencies, including Kadena, VeChain, and Fantom.
Kadena price prediction
Kadena is a fast-growing blockchain network that was started by former employees of JP Morgan. It is a smart contract platform that claims to have a maximum transaction processing time of more than 450k per second.
This is a remarkable speed considering that Ethereum can only handle less than 20 transactions per second (tps). Visa, the giant payment processor handles less than 5,000 transactions per second. Therefore, analysts believe that Kadena is a worth Ethereum-killer to watch.
On the daily chart, we see that the Kadena price has been in a major bearish trend. The decline accelerated when the price managed to move below the key support at $15.75. This was a notable support since it was the lowest level on November 9. It had also struggled to drop below this level several times before.
Today, the KDA price has moved below the 25-day moving average (MA) while oscillators like the Relative Strength Index (RSI) and Stochastic have moved to the oversold level.
Therefore, I suspect that the sell-off will continue in the near term as investors target the key support at $5. This will happen as investors start taking profit. Later in the week, however, I expect that the coin will rebound as investors rush to buy the dips.
