Kadena Plummets Double Digits, Risks Falling Below $1

Vinod Dsouza
kadena coin
Source: Coingecko

Kadena coin (KDA) was severely battered in the indices last week after Bitcoin slipped below the $29,000 mark. Kadena had slipped to $1.44 during last week’s crash wiping away all profits created both in 2021 and 2022. The crypto crash led several coins to bleed in double digits and fall to new monthly lows. While the market managed to recover a bit, Kadena failed to claw back and is treading dangerously on a downward path.

KDA is down double digits today as it fell 10% in the day trade. The crypto is struggling to rise above the 8% mark for close to 6-hours hinting it could head south again. The crypto is trading near its daily lows of $2.86 and risks falling to last week’s lows of $1.44 all over again.

Read More: When is Terra Luna Hard Fork Launching? Here are the Details

Fears of another crypto crash are looming and if the market heads south, Kadena might fall below the $1 mark. Bitcoin is turning both ‘red and green’ today and is now below the $30,000 mark. If BTC dives further down, KDA could have a tough time holding on to any of its resistance levels. KDA has been on the backfoot throughout this year and barely moved forward in terms of price.

The crypto market is now a mixed bag of emotions as investors fear the market could plummet anytime soon.

Kadena Coin: Should You Buy the Dip?

While Kadena trading at $2 sounds lucrative, it’s advised to wait and watch as the crypto might face further corrections. It is already down 90% from its all-time high of $27, which it reached in November last year. It is advised to stay away from Kadena at the moment as the market is unstable. KDA has a high chance of being dragged down further. Investors should refrain from buying the dips on Kadena as a quick recovery is highly unlikely.

At press time, Kadena was trading at $2.86 and is down 8.1% in the 24-hours day trade. It is also down 46.8% in the last 30-trading days.