After seeing some significant bear pressure at the start of the year, Kadena (KDA) has been rallying. The coin is in fact way up from its 2022 lows and seems poised to continue in this upward trend in the near term. But how is the long-term outlook in 2022? Here are some highlights:
Kadena (KDA) has surged by over 15% over the last 24 hours, trading at $7.13 at press time.
The token is also up 62% from its lowest price recorded in 2022, suggesting it is fully rebounding.
Despite this, KDA still remains lower than its 25- and 50-day moving averages and down 75% from its ATH.
Data Source: Tradingview
Kadena (KDA) – Outlook in 2022
The recent rally that Kadena (KDA) has posted is quite impressive. But it also comes as the wider crypto market sees some improvements. The question is how far can the token go? Well, some analysts see KDA hitting $15 in the first quarter of 2022. That will represent an upswing of over 50% from its current price.
But despite this, it is important to note that even with the recent 24-hour rally, KDA still remains lower from its 25- and 50-day moving average. This shows weakness, and if there is slowed sentiment in the market, the coin could bottom towards $1 before April.
Should you buy Kadena (KDA)
Yes, you should. First, the Kadena ecosystem is a promising project offering faster transaction speeds. Although the chain has not managed to attract the same kind of project as say Ethereum or Solana, we are still seeing some decent incentives towards developers.
In the coming years, Kadena will compete with these other layer 1 chains. The fact that it has a market cap of $1.2 billion also suggests that there is a lot of room to do better in the future.