Should I buy Kadena (KDA) in August 2022?

By:
on Jul 28, 2022
  • Kadena (KDA) is advancing in the last trading week of July
  • The first resistance level stands at $2
  • Kadena makes blockchain work for everyone

Kadena KDA/USD has advanced from $1.49 to $1.88 since the beginning of July, and the current price stands at $1.76.

Technically looking, the risk of another decline is not over, but if the price jumps above the resistance that stands at $2, the next price target could be at $2.5.

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Kadena makes blockchain work for everyone

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 according to the official website, Kadena is the only platform that offers a complete decentralized infrastructure.

Kadena makes blockchain work for everyone and allows businesses to eliminate all transaction fees for their customers, thus removing a key barrier to the mass adoption of dApps.

It is also important to say that ecosystem of this project provides the security of Bitcoin, unparalleled throughput, smarter contracts, and virtually free gas. Kadena runs on Proof of Work and continually scales to higher TPS (transactions per second) as more chains are added to the network.

Kadena’s unique architecture makes it the only platform that can deliver increased energy efficiency, while Kadena’s energy use will remain constant as network demand increases. Stuart Popejoy, Founder and CEO of Kadena said:

We’re empowering builders to pioneer new projects that transform the world. We have the resources and the infrastructure to create a multi-generational, sustainable ecosystem, and there’s no better time than now for builders to get on board.

Kadena believes in the potential of blockchain to revolutionize how the world interacts, and the team behind this project constantly works to ensure the long-term sustainability of Kadena’s ecosystem. Many projects already collaborate with Kadena; the most popular ones include Polkadot, Terra, Celo, Cosmos, Flux, and Ledger.

Technical analysis

The cryptocurrency market is advancing this Thursday, Bitcoin went above $23900, and this situation also positively influenced the price of Kadena (KDA).

Data source: tradingview.com

The first resistance level stands at $2, and if the price jumps above this level, it would be a signal to trade KDA, and we have the open way to $2.5.

The current support level stands at $1.5, and if the price falls below it again, the next price target could be at $1.3 or even below.

Summary

Kadena is a project that combines the functionality of blockchain tech with the accessibility of the internet and has a mission to accelerate the growth of blockchain technology by providing builders with unique architecture and safe smart contracts. Kadena (KDA) is advancing in the last trading week of July, and if the price jumps above $2, the next price target could be at $2.5.

Where to buy right now

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.