Kadena appears to be in the process of its final move up as part of a first wave expanding wedge, with a minimum target of around $6.65. This chart is actually very similar to the Arweave chart but earlier. There was a brief pause just before $2 to shake out the more bearish traders but I think this resistance will not hold. The expanding wedge may be the A wave of a larger correction or it may be the beginning of a new impulse beyond the previous all time high; time will tell. The retrace of the wedge should be a minimum of the 0.5 - 0.618 retrace of the final wave but can sometimes be very sharp and deep; expanding moves tend to indicate market uncertainty about the value of a project.
Commentaire:
Five waves played out but did not meet targets for a starting wedge; more likely the move up was the A wave of an ABC in my view; strategy would be to buy the B wave correction (playing out now; should be a higher low but could be very deep) and sell the C wave target, which is most often the 1:1 Fib extension