- Kadena price has become a fallen angel in the past few months.
- Kadena needs new partnerships. Integrations, and an incentive fund.
The Kadena price has been in a tight range in the past few weeks as the coin’s volume has eased. KDA is trading at $5.38, where it has been in the past few days. This price is about 81% below its all-time high, bringing its total market cap to more than $941 million.
Fallen angel?
Kadena is a proof-of-work blockchain project that makes it possible for developers to build optimized applications. It is an Ethereum alternative that was started by developers who built JP Morgan’s internal cryptocurrency that moves trillions of dollars every month.
Kadena has recently become a fallen angel, which is a cryptocurrency whose popularity is fading. Indeed, its ranking among cryptocurrencies has dropped from about 60 to the current 104.
This performance is likely because of Kadena’s lack of a strong ecosystem. This means that it has been a bit difficult to find applications built using Kadena’s network.
According to DeFi Llama, the network has only four DeFi apps like Babena, Kaddex, Anedak, and KDLaunch that have a total value locked (TVL) of $6.8 million. Babena has a 88.60% dominance, This TVL is significantly smaller than that of most networks, including Shiba Inu.
Being a fallen angel is not entirely a bad thing. Indeed, in the past few weeks, we have seen other such coins like Zilliqa and Synthetix Network bounce back.
Some of the key drivers that will push the Kadena price higher are a major partnership or an incentive fund. Partnering with a leading organization is a positive thing that will likely lead to more demand. Besides, Kadena offers some of the fastest speeds in the industry. For example, the Ox crypto price rose by more than 50% after partnering with Coinbase.
Another catalyst that could push Kadena higher is an incentive fund that helps to support developers. In the past few months, some of the fastest-growing platforms like Avalanche, Mina Protocol, and Solana have all unveiled their incentive funds.
Kadena price prediction
The daily chart shows that the KDA price has been in a tight range in the past few days. As a result, the coin has formed a symmetrical triangle pattern that is shown in blue. The coin’s volatility has eased as evidenced by the performance of the MACD and the Average True Range (ATR).
Therefore, there is a likelihood that the Kadena price will soon have a bullish breakout since the triangle is nearing its confluence. If this happens, the next key level to watch will be at $7.30.
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