Cryptocurrency

Komodo (KMD) Technical Analysis 2021 for Crypto Traders

Komodo (KMD) Technical Analysis 2021 for Crypto Traders

The Komodo Platform is a decentralized, independent blockchain that provides native support for multiple native cryptocurrency tokens. It is the only platform to have multiple tokens in one blockchain, which brings us to the topic of this article. In the ‘2021’ timeline, the crypto community might be interested in Komodo (KMD) as it brings a lot of value to investors, which I will explain with the following points.

The coin called Komodo (KMD) is a decentralized blockchain platform with the aim of creating the most scalable blockchain in the world. It started in 2015, and its goal is to create a high-performance, secure and scalable blockchain platform. It is a fork of Zcash, a privacy-centric coin. A decentralized blockchain means that there is no single entity or entity system that controls the blockchain, and the KMD algorithm has been designed to be resistant to quantum computing. The blockchain has been designed to be used by a massive range of projects. A smart contract platform that will run on the Komodo blockchain includes all of the functions that you would need from a smart contract platform, such as escrow, multi-signature wallets, and

The Komodo project launched in 2016 to create a decentralized, private, and scalable cryptocurrency platform. The project is dedicated to empower people with complete control over their funds. Komodo’s main goal is to create a platform for decentralized ICOs. The platform has the ability to launch ICOs, track token transactions, and provides holders with the ability to participate in the creation of their own tokens.

We utilize historical data, price analysis, RVOL, MA, and other information about KMD to evaluate the cryptocurrency’s future trend in Technical Analysis for Komodo (KMD) in 2021. 

Komodo (KMD) is a privacy-focused decentralized cryptocurrency that, by using its own ecosystem, claims to be safer, quicker, and easier to use. The privacy of Zcash and the security of Bitcoin are claimed to be merged. It works on the Deferred Proof of Work concept.

Current Market Situation for Komodo (KMD)

At the time of writing, the KMD price was trading at $1.12, with a 24-hour trading volume of $9,534,028, according to CoinGecko. In the past 24 hours, however, KMD has risen to 6.52 percent.

In addition, there are 127,533,879 KMD coins in circulation. KMD is now available for purchase on Binance, BiONE, Huobi Global, ZT, and KuCoin. 

Komodo (KMD) Technical Analysis 2021 

Komodo (KMD) is now ranked 326th on CoinGecko. KMD may be pushed to new heights by current development and improvements. Let’s take a closer look at the KMD technical analysis for 2021. The Komodo (KMD) daily time frame chart is given below.

Komodo (KMD) Technical Analysis 2021 for Crypto TradersAscending Triangle Pattern in KMD/USDT (Source: Tradingview)

Because an ascending triangle is a continuation pattern, it matters whether it appears during an upswing or a downturn. When the price breaks out of the triangle, traders prefer to buy or sell the asset aggressively, depending on which direction the price broke out.

KMD is currently trading in a $1.12 range. If the price breaks over the $1.24 trend line resistance level, it will continue to rise to the $1.12 level. If the trend continues to the downside, the support level at $0.50 will be reached.

RSI Komodo (KMD)

The relative strength index (RSI) of KMD is shown in the chart below. 

The RSI is still at 74.33, as seen in the chart above. This indicates that KMD’s price is overbought. This demonstrates the need of traders trading cautiously, since a big price reversal may occur.

RVOL Komodo (KMD)

The Relative Volume of KMD is shown in the graph below. It’s a metric that shows traders how the current trading volume has evolved over time in comparison to the prior trading volume.

KMD’s RVOL is now below the cutoff line, indicating the weaker players in the current trend.

Moving Average for Komodo (KMD)

The chart below depicts Komodo’s Moving Average (MA). MA aids traders in identifying patterns.

KMD is now in a bullish mood. However, the price of KMD has fallen below the 50 MA (short-term) and is currently trading between the 50 MA and the 200 MA. KMD is currently over 200 MA, which is significant (long-term).

It becomes a bullish condition if it rises above both the 50 MA and the 200 MA levels. Furthermore, there is a significant chance of a trend reversal at any moment.

Bitcoin and Komodo (KMD) Price Comparison

The price comparison between KMD and BTC is shown in the graph below. 

Komodo (KMD) Technical Analysis 2021 for Crypto TradersChart comparing the prices of KMD and BTC (Source: TradingView)

The trend of the BTC can be seen on the chart, and the KMD is going in lockstep with it. This means that when the price of BTC rises or falls, the price of KMD rises or falls as well.

Conclusion

With the continuing improvements and updates to the KMD platform. In current crypto market, Komodo has a bright future. KMD, on the other hand, has the potential to soar to new heights.

The bullish price forecast for KMD in 2021 is $4.12. As previously said, it has the potential to achieve tremendous heights, but it may also reach $4.30 if investors believe that KMD is a solid investment in 2021.

FAQ

What exactly is a Komodo dragon?

Komodo (KMD) is a privacy-focused decentralized cryptocurrency that, by using its own ecosystem, claims to be safer, quicker, and easier to use.

Where can you get your hands on KMD?

Binance, BiONE, Huobi Global, ZT, and KuCoin are just a few of the cryptocurrency exchanges that have KMD listed.

Will KMD be able to set a new ATH in the near future?

With the KMD platform’s continuous advancements and enhancements, it has a good chance of achieving its ATH shortly.

Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.

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