$KDA KADENA Bearish Cypher ReturnLoving the progress on Kadena here. Correcting a little bit with the rest of the market but still above 8.30 which is very bullish to me. A nice check back and confirmation of support would be the signal for me that more upside is to come.
Im looking at the bigger wave structure here, and it looks to me like we've got the beginning of a bearish cypher forming, which sounds terrible to anyone unfamiliar with harmonics, but this is actually an extremely profitable leg of the XABCD.
If we confirm support here, id look to to 14-16$ next, with some overhead supply around 11.89, but in time if this bullish trend continues i think 23 minimum.
Macro targets above these levels on the Kucoin data feed here is 34 and 42$, with the highest level on the chart being 88$
If we really see a lot of pressure to the downside, id love to see that 6.75 area backtested as support, but its hard to say at this point. This idea would give you a Bullish Cypher on the 2hr chart which is confluent with the range high as well.
4hr looks like its putting a bottom in at 8.51, but the rsi remains neutral and downsloping. Not oversold or bullish. Uptick in volume on this new candle here as it flips green. ADX is curving downward indicative of distribution, which isnt strange right now. Still a bullish trend overall and id consider this normal ebbs and flows following a large price mark up.
