Kadena (KDA) targets $0.749 following launch of Binance’s USD-margined perpetual contract

Kadena (KDA) has experienced a dramatic surge in its price following Binance’s recent announcement of a USD-margined perpetual contract.

The news, which broke on September 18, led to a nearly 30% spike in KDA’s value, illustrating the significant impact such developments can have on cryptocurrency markets.

Binance’s KDAUSDT USD-margined perpetual contract

Binance’s announcement of launching a USD-margined perpetual contract for Kadena (KDA) under the KDAUSDT trading pair sent KDA’s price skyrocketing by 30% in a matter of hours.

The USD-margined perpetual contract offers traders leverage of up to 75x and a tick size of 0.0001, with a capped funding rate of +2.00% / -2.00%.

Binance’s move to include KDA in its futures trading lineup is aimed at expanding trading options and enhancing user experience.

The immediate impact of the announcement was profound.

KDA’s price surged to $0.6527, reflecting a 29.59% increase from the previous day.

The token’s 24-hour trading volume also shot up by 758.74% to $18,415,678, and its market cap rose by 28% to $186,287,375.

Additionally, Coinglass reported a staggering 125% increase in KDA’s futures open interest (OI) and a 2348% surge in derivatives volume.

This remarkable activity underscores a bullish sentiment and increased market confidence following Binance’s endorsement.

Kadena (KDA) projected to hit $0.749

As KDA rides the wave of this bullish trend, technical indicators are showing promising signs.

The current price of $0.6397 is a 9% increase over the last 24 hours, and the coin is aiming to break through the first major resistance level at $0.7490.

If KDA manages to close above this resistance, it could pave the way for further gains, potentially reaching up to $1.04.

Conversely, if the price falls below the support level of $0.4256, it could signal a downturn.

The 14-day Relative Strength Index (RSI) stands at 60.56, indicating a healthy market without being oversold or overbought.

However, the weekly RSI is at 19.83, reflecting an oversold condition that could suggest a potential for a rebound.

Exponential Moving Averages (EMAs) further bolster the bullish outlook, with KDA trading above the 50 and 100-day EMAs.

Source: TradingView

The 200-day EMA sits at $0.6982, approximately 8.37% above the current rate, which adds to the positive technical sentiment.

Looking ahead, price predictions for KDA are optimistic.

The token is expected to reach $0.6924 in the next 10 days.

For the longer term, forecasts suggest a potential high of $1.50 by the end of 2024.

The post Kadena (KDA) targets $0.749 following launch of Binance’s USD-margined perpetual contract appeared first on Invezz