Should I buy Kadena (KDA) at the current price?

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on Apr 22, 2022
  • KDA remains under pressure
  • The current support level stands at $5
  • Kadena launched a $100 million grant program for Web3 builders

Kadena KDA/USD has weakened from its recent highs above $7.9, registered on April 02, 2022, to $4.99, while the current price stands at $5.13.

For now, bears control the price action, the critical support level stands at $5, and if the price breaks this support level again, it could be the beginning of a bigger fall.

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Kadena launched a $100 million grant program for Web3 builders

Kadena is a platform that was designed to unite public applications, private blockchains, and other interoperable chains in one place, driving traffic to the high-bandwidth computer at the heart of the Kadena public chain.

Unlike other platforms, Kadena is designed to power global financial systems and allows businesses to eliminate all transaction fees for their customers, thus removing a key barrier to the mass adoption of dApps.

Kadena’s public blockchain, Chainweb, is the only sharded and scalable layer-1 PoW network in production today which is capable of scaling to settle more than nine million trades executed on the New York Stock Exchange each day.

Kadena provides the security of Bitcoin, while its unique architecture makes it the only platform that can deliver increased energy efficiency. It is important to say that Kadena’s energy use remains constant as network demand increases.

Kadena’s smart contracts are written in Pact, a language that is designed for ease of use and adoption by developers and non-technical professionals alike.

Pact’s unique features and flexibility support every imaginable use case, whether you’re writing your first contract or launching your fiftieth dApp. KDA is a digital currency that is used to pay for computing on the Kadena public chain, and the total supply is fixed at 1 billion tokens.

Kadena is constantly working on new features and projects, and according to the latest news, Kadena launched a $100 million grant program for Web3 builders. Stuart Popejoy, Founder, and CEO of Kadena said:

We’re empowering builders to pioneer new projects that transform the world, and we’re doubling down on our promise to make that happen by actively and responsibly deploying our treasury resources to ensure the long-term sustainability of our ecosystem.

Many projects already collaborate with Kadena, and the most popular ones include Celo, Cosmos, Flux, Ledger, Polkadot, and Terra.

Bears control the price

The cryptocurrency market is losing its value this Friday, Bitcoin went below $40000, and this situation also negatively influenced the price of Kadena (KDA).

Data source: tradingview.com

The current support level stands at $5, and if the price falls below it again, the next price target could be around $4.5 or even below.

The first resistance level stands at $6, and if the price jumps above this level, it would be a signal to trade KDA, and we have the open way to the $6.5.

Summary

Kadena is the only platform offering a complete decentralized infrastructure and combines the functionality of blockchain tech with the accessibility of the internet, making it the perfect platform for builders to create their projects. The cryptocurrency market is losing its value this Friday, Bitcoin went below $40000, and this situation also negatively influenced the price of Kadena (KDA).

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.