Kadena has had a nice run in November from around $6 all the way to around $28! However, since its top, we have reached around 60% down from all time highs in November 11th. Since then, it has been in a consistent downtrend. However, at these levels, are buyers ready to step up? We are now sitting in the lower channel on $10.45 - $13.30 range.
For Longs - Need to hold $10 support level. Ultimately breakout of this channel and create new highs above $12.9.
For Shorts - We would like to stay under $13 resistance level As well as Breakdown Channel under $10.25.