The cryptocurrency industry continues to crash in 2022, and most coins are seeing losses with the weekly percentages in double digits. The losses are varying from crypto to crypto, but with Bitcoin, for example, losing 17.55% in the past 7 days, while coins like Kadena (KDA) lost over 35%.
In fact, Kadena’s drop was just stopped after the coin reached a major support at $5, which allowed it to recover by 2.65% in the last 24 hours. However, given the fact that the market is still deep in the red, the question now is how long before the drop continues, and whether or not the support at $5 will hold.
Fortunately, even with losses of this intensity, the KDA price is still significantly higher than where it was only four months ago, and certainly much higher than where it was last year at this time.
Kadena price performance
Kadena started 2021 with the price of $0.1532, and while the rest of the crypto industry was exploding around it, the coin remained mostly indifferent for months. It did see extremely slow growth, with a minor spile in mid-April, that took it to $1.76, but even that was followed by a correction to $1.06 by late April, and then a drop to $0.5 following the mid-May price crash.
KDA price remained inactive until mid-August, when it once again started a very slow growth. Things changed around September 6th, when KDA price jumped to a resistance at $2.5. The coin was rejected slightly, and it spent more than a month fighting this level, only to result in a victory against it in mid-October.
Late to the party, KDA price finally joined the rally at that time, and even though this was the last of the rallies that the industry saw in 2021, Kadena made the best of it.
The coin skyrocketed to a resistance at $7.5 in about 10 days, reaching this level around October 25th. After battling this resistance for a week, KDA managed to break it and skyrocket to $20. This resistance even managed to reject it back down to $15, but KDA bounced back fairly quickly and surged again, which led it to its ATH at $24.16.
This was on November 11th — the last day of the rally, and after this day, the bearish trend took over. To this day, the bears did not let go, causing the coin to sink back to $5, as mentioned previously.
The initial drop took KDA to $18.5, from which it briefly recovered to $21.49. After that, in another bearish wave, the coin dropped to $16.5, and by mid-December, the bears took it down to $10. The coin did see a small recovery around Christmas when it reached $15 for the one, final time.
After this, KDA kept crashing from one support to the next — first to $12.5, then to $9, and finally, on January 22nd, to $5. At the time of writing, the coin is seeing another small recovery which took it up to $5.35, after recovering by 2.74% in the last 24 hours.
To learn more about this token visit our How to invest in Kadena guide.
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