Kadena Halts Operations, KDA Drops 70%, Miners Take Control
Kadena has halted all business operations and active blockchain maintenance, handing over network security to miners and community nodes via a transition binary. Official support and developer grants for dApps and smart contracts have ceased. The announcement sparked a 70% drop in the KDA price, with KDA/USDT tumbling to $0.077 on Binance. Traders saw RSI readings plunge to 17 and a volume spike above 222 million, indicating oversold conditions and forced selling. Over 566 million KDA tokens remain locked for mining rewards until 2139. After a 99% decline from its November 2021 peak, KDA faces further downside risk, with $0.057 as a key support level. The network transition raises concerns over long-term stability and governance. Crypto traders should monitor Kadena’s support levels, market sentiment, and upcoming governance updates for potential entry points.
Bearish
The Kadena shutdown and miner takeover directly pressured KDA’s price, triggering a major sell-off and oversold technical readings. In the short term, forced liquidations and low RSI signal continued downward momentum. Lack of official support and uncertainty over long-term governance further undermine investor confidence, limiting buying interest. Over 566 million tokens remain locked until 2139, reducing circulating supply but doing little to prevent immediate downward pressure. Traders may see bounces around the $0.057 support, but the negative sentiment and technical backdrop suggest further downside risk. Overall, the news is bearish for KDA.