Rewritten Article on Kendu Inu Cryptocurrency
Introduction
Kendu Inu (KENDU), a newcomer in the 2024 meme coin market, has shown impressive growth alongside other meme projects like Shiba Inu. Its market capitalization soared by a remarkable $200 million, driven by a rapid surge in the KENDU price.
In just a week, KENDU witnessed a staggering 500% price increase, reaching a peak of $0.00030. This surge was fueled by heightened investor interest, evident from the substantial rise in trading volume, exceeding $15 million as reported by CoinGecko.
Despite this notable uptrend, KENDU faced resistance at higher price levels, resulting in the formation of a rejection wick on the price chart. This resistance indicated that the market supply of Kendu crypto began to outweigh demand at elevated prices.
As a result, the coin's weekly gain adjusted to a still significant 230%, with a market cap stabilizing around $189 million and a trading volume settling at $13.25 million. This reflects a strong week of trading activity for the emerging meme coin.
Kendu Inu ATH and ATL Statistics
The all-time high (ATH) for the Kendu Inu (KENDU) price stood at $0.00030 on Jun 10, 2024, with the current price trading 36.30% below this peak. In contrast, the all-time low (ATL) price for KENDU was $0.052686 on May 01, 2024, marking a 7,088.54% increase from the ATL level.
Continuous Growth in KENDU Meme Coin Holders
The official X handle of Kendu Inu crypto reported a consistent rise in the number of holders, with an increase from nearly 7.7K to around 8.2K in a single day. This upward trend showcases genuine organic growth metrics.
Investing in Kendu Inu (KENDU) Meme Coin
KENDU tokens are tradable on both CEX and DEX platforms, with Bilaxy emerging as a popular exchange for KENDU/ETH trading. Investors can explore trading options on Bilaxy, Uniswap V3, and LBank.
Analysis of KENDU Price Pattern
The KENDU price initially consolidated and gradually picked up momentum after the first week of May. Bullish interest rose, leading to surges above previous swing highs and potentially forming an upper trendline resistance. The price broke out of this trendline barrier on June 6th, finding support at $0.000050.
At present, KENDU is trading at $0.00019 with a 3.57% intraday gain, remaining above the 50-day EMA support. Technical indicators like MACD suggest continued growth, although the RSI at an extremely overbought 91.18 level signals a need for caution among investors and readers.
Future Projections and Conclusion
If KENDU continues its upward trajectory, new price targets could be set at $0.00030 and $0.00035. Conversely, a dip below $0.00015 could intensify bearish sentiments, with $0.00010 serving as the next support level.
Concluding Remarks
Kendu Inu (KENDU) has witnessed significant growth in market capitalization and price value, attracting investor attention. However, resistance at higher price levels and caution signals from technical indicators hint at potential market challenges. The increasing number of KENDU holders reflects positive organic growth within the cryptocurrency space.
Disclaimer
The opinions expressed in this article are solely for informational purposes and do not constitute financial or investment advice. Trading cryptocurrencies carries inherent risks of financial loss.
