KDA fell 60% because of the shutdown of the Kadena nuclear energy plant. Test the forecast

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Essential factors

  • Kadena Group has suspended operations resulting from present market circumstances.
  • Its token KDA has plummeted 60% prior to now 24 hours and will fall additional.

Kadena Group suspends operations

The group behind the Kadena blockchain introduced Tuesday that it’s not capable of proceed its enterprise operations and is now ceasing operations.

Within the X submit, the staff acknowledged that present market circumstances stop them from persevering with to advertise and assist the adoption of this distinctive decentralized service.

Kadena is a proof-of-work blockchain, the staff stated, including that it’ll stay operational till the miners and upkeep personnel go away. Nevertheless, the staff will stop all enterprise operations and energetic upkeep instantly.

Roughly 566 million KDA tokens are nonetheless being distributed as mining rewards and can proceed till 2139. Kadena has been round since 2019, after being launched by two Securities and Trade Fee and JP Morgan alumni, Stuart Popejoy and William Martino. The 2 beforehand helped launch the blockchain predecessor to JPMorgan Chase’s Kinexys blockchain.

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KDA falls 60%, may incur additional losses

The KDA/USDT 4H chart is extraordinarily bearish because the token has misplaced 60% of its worth within the final 24 hours. It was buying and selling at $0.24 on Tuesday, nevertheless it plummeted to $0.087 after Kadena Group introduced its closure.

KDA/USDT 4 hour chart

Technical indicators are extraordinarily bearish, with sellers in favor. The 35-day off RSI signifies that KDA is at the moment bearish and should enter oversold territory quickly. The MACD line can also be inside unfavorable territory, indicating a bearish pattern.

If the decline continues, KDA may fall beneath the October 10 low of $0.057 within the coming hours. The token is down 99% from its all-time excessive of $28 recorded in November 2021. With out the staff in place, KDA might wrestle to file income within the medium to long run.

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