The JP Morgan crypto spinoff known as Kadena has been on fire in recent weeks and Aussie crypto trader Eunice Wong has been all over it.

She first bought in at US65c in August. On Wednesday afternoon KDA was trading for US$21.79, having gained 212 per cent in the last fortnight; 975 per cent in the past month and 4,153 per cent in the past three months. Yowza!

The green rectangles here were Wong’s buys, while the orange ones were partial sells.

Wong says she first spotted Kadena in May, when it listed on Kucoin following a November 2019 token offering that raised US$15 million at 50c and $1 per token.

“But I hardly ape into anything that just listed,” Wong messaged Stockhead.

“Need to let it base n flush out the presale token sellers.”

Wong waited out the shakeout during the mid-year crypto crash before buying in (the green rectangle)

She bought in August at 65c and then took partial profit a few days later at 80c – but then bought in again at $1 on September 7, and $1.20 on September 10.

Again, the green rectangles are buys; the orange rectangles, partial sells.

A few days later she again took partial profits, at just under $2.

As you can see the coin pumped as high as $2.50 – but then it dipped under $1.50 by the start of October.

Wong trades a particular pattern: breakouts. Cryptos generally go through a period of consolidation after a pump, forming a triangular flag on the chart. She buys when they’ve broken out of that flag, as she did on October  21 at around $3.75.

A few days later she took partial profit at $5 – only to buy back in at $7 on November 1.

“Whenever something goes up more than 30% I take partial, then when it keeps going I take a bit more,” she said in a text.

“Then when it stops and start ranging again, (if) I see it as a good fa [fundamental analysis] coin with (good) traction I’ll add.”

It was about the start of the month when KDA really began to pump.

Again, the orange bars are partial take-profits.

The proof is in the tweets

For the doubters and haters, almost all these trades were live-tweeted by Wong at the time. She even got a message from the Kadena team in early September thanking her for the follow.

Wong says she now has her stop-loss for the trade at the 21-day exponential moving average (EMA), represented by the blue line in the chart above. (So around $11).

But the stop-loss order is just for half of her holdings, not the whole thing.

“IF something bad happens, I protect my money n if it stops me out n bounces back up, I’m still in the trade,” she messaged.

“Win win 😉…

“my motto is always protect ur money.”

As a trader, Wong isn’t usually a long-term holder of crypto projects. But she’s comfortable doing that here because she got in so early, and sees it as a fundamentally sound project.

Kadena claims it’s the only scalable proof-of-work blockchain and the one with the safety smart contract language.