Market Overview: Kadena/Bitcoin (KDABTC) Daily Breakdown

• Kadena/Bitcoin (KDABTC) fell sharply below 3.0e-6 after a brief midday rally, closing near 2.21e-06 with high volatility.
• Volume surged over 200,000 BTC equivalent during the 21:30–22:00 ET crash, indicating panic selling.
• RSI dropped below 30 into oversold territory, while Bollinger Bands tightened prior to the breakdown.
• A long lower shadow at 21:30 ET signaled rejection of higher levels, confirming bearish momentum.

15-Minute Price Action and Key Levels

Kadena/Bitcoin (KDABTC) opened at 2.97e-06 on October 10 at 12:00 ET and moved higher into the early afternoon, briefly testing 3.02e-06 before a sharp reversal. A large bearish candle at 19:30 ET marked a 3.0e-06 to 2.93e-06 collapse, followed by continued selling pressure. By 21:30 ET, price fell below 1.17e-06 with a massive 600,000 BTC equivalent volume bar, signaling strong bearish conviction. Key support appears to have formed near 1.7e-06, while resistance remains at 3.0e-06 and above.

20/50 Moving Averages and MACD

On the 15-minute chart, the 20-period MA crossed below the 50-period MA, forming a death cross pattern. This aligns with the MACD line crossing into negative territory, confirming bearish momentum. The RSI dropped below 30 by 22:00 ET, indicating oversold conditions, though a bounce is yet to confirm a reversal.

Bollinger Bands and Volatility

Volatility expanded dramatically in the 21:30–22:30 ET window, with price trading near the lower Bollinger Band for over 3 hours. A period of contraction occurred earlier in the day around 18:00–19:00 ET, which preceded the sharp selloff. This suggests a potential continuation of bearish bias unless price closes back above 2.3e-06.

Fibonacci Retracements and Volume Analysis

A key Fibonacci level at 2.17e-06 (61.8% of the 3.0e-06 to 1.17e-06 decline) appears to act as a temporary floor. Notional turnover spiked at 21:30 ET as price hit 1.17e-06, suggesting large stop-losses or panic selling. The volume-to-price divergence suggests the selloff may not yet be complete, and a test of 1.0e-06 could follow if short-term buyers fail to step in.

Backtest Hypothesis

A potential backtesting strategy for KDABTC could focus on identifying sharp volume spikes coinciding with bearish candlestick formations, such as the long lower shadow observed at 21:30 ET. This pattern, when confirmed by RSI entering oversold territory and Bollinger Bands tightening, could signal a high-probability continuation of the bearish trend. A short entry with a stop above the recent swing high of 3.0e-06 and a target near 1.0e-06 would align with the observed price behavior.