Cryptocurrencies had a relatively weak performance during the weekend. Bitcoin, the biggest cryptocurrency in the world, declined to about $42,000 on Saturday. Ethereum has crashed by more than 18% from its all-time high. In total, the market capitalization of all cryptocurrencies crashed to about $2.3 trillion. In this article, we will look at top three cryptocurrencies, including Kadena, VeChain, and Fantom.
Kadena price prediction
Kadena is a fast-growing blockchain network that was started by former employees of JP Morgan. It is a smart contract platform that claims to have a maximum transaction processing time of more than 450k per second.
This is a remarkable speed considering that Ethereum can only handle less than 20 transactions per second (tps). Visa, the giant payment processor handles less than 5,000 transactions per second. Therefore, analysts believe that Kadena is a worth Ethereum-killer to watch.
On the daily chart, we see that the Kadena price has been in a major bearish trend. The decline accelerated when the price managed to move below the key support at $15.75. This was a notable support since it was the lowest level on November 9. It had also struggled to drop below this level several times before.
Today, the KDA price has moved below the 25-day moving average (MA) while oscillators like the Relative Strength Index (RSI) and Stochastic have moved to the oversold level.
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Therefore, I suspect that the sell-off will continue in the near term as investors target the key support at $5. This will happen as investors start taking profit. Later in the week, however, I expect that the coin will rebound as investors rush to buy the dips.
VeChain price prediction
The VeChain price has been in a major bearish trend in the past few weeks. Indeed, it has crashed by more than 70% from its all-time high. Its market capitalization has crashed to about $5.7 billion and its ranking slipped to about 33. At its peak, VeChain was among the top-15 cryptocurrencies.
On the daily chart, we see that the VET price has been in a major bearish trend in the past few weeks. As a result, the price has moved below the 25-day and 100-day moving averages (MA). The Relative Strength Index (RSI) has moved to the oversold level. The price is also at an important support level, where it failed to move below in September.
Therefore, a decline below this level will mean that bears are still in control and open the possibility of the coin falling to $0.05.
Gala price prediction
GALA is the native token for the Gala Games ecosystem and the upcoming GalaChain. This is a network that incorporates both gaming, non-fungible tokens, and the metaverse. It is one of the fastest-growing industries. This explains why the Gala price jumped by more than 1,000% from its lowest level in November.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
On the four-hour chart, we see that the GALA price has dived recently. It hit a key support level at $0.3646 during the weekend. On the four-hour chart, the coin has moved below the red declining trendline while the RSI has continued falling.
Therefore, the coin will likely keep falling as bears target the support at $0.3646. A drop below this level will lead to the possibility of the coin continuing its bearish trend.
