Kadena price rebound accelerated on Monday as demand for the token continued rising. The KDA token jumped to a high of $2.42, which was the highest point since May 25th this year. It has risen by over 76% above the lowest point this year, bringing its total market cap to over $445 million.
KDA demand continues
Kadena is an upcoming blockchain project that seeks to become the best platform for developers to create decentralized applications. It was launched by a team of developers who helped to launch JP Morgan’s internal cryptocurrency.
Kadena is different from most other Ethereum rivals. For one, it is a proof-of-work blockchain, means that new coins are produced via mining. Kadena developers have created a situation where mining does not necessarily lead to more carbon emissions.
At the same time, Kadena is one of the fastest layer-1 blockchains in the world. According to its developers, Kadena can handle over 450,000 transactions per second (TPS). This is a notable figure since Visa and Mastercard handle less than 10,000 tps each. Solana handles 2,500 tps while Ethereum can process less than 25 tps.
Still, a major challenge for Kadena is that its ecosystem is still significantly tiny than that of its peers. According to DeFi Llama, the platform has just five DeFi applications that have a combined total value locked (TVL) of over $7.7 million.
The main reason why Kadena price is rising is that Kaddex, a new DEX launched in its platform has grown its TVL to over $4.4 million. This is a strong number considering that it was launched last week. Other Kadena DeFi apps with over $1 million in TVL are Babena and KDSwap.
The ecosystem will likely continue growing following the recent grants by Kadena Eco. Some of the top apps that received funding by Kadena are Electron Labs, Hypercent, and KDLaunch.
Kadena price prediction
The four-hour chart shows that the KDA price has been in a strong bullish trend in the past few weeks. As it climbed, it managed to move above the important resistance at $1.8785, which was the highest point on July 19th.
The coin has moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. Therefore, the coin will likely keep rising as bulls target the next key resistance point at $2.75, which is about 16% above the current level.
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