KAVA Price: A Sustainable Rally Noticed, Will KAVA Advance Soon?

• 1 The KAVA shows a bullish rally from support and an intraday gain of 2.07%.
• 2 The long liquidation in KAVA is less when compared with short liquidation.

Kava is a blockchain platform that leverages the advantages of Cosmos and Ethereum to offer a fast and interoperable solution for developers.

Kava was designed from scratch to optimize its resources for protocol expansion, enhanced by its Cosmos EVM technology that enables optimal scalability, speed, security, and developer support.

KAVA distribution is allocated with 30% allocated to the validator sale round 1, 5.02% to the validator round sale 2, 4.93% to the extended validator sale, 6.52% to the public sales, 25% to the Kava labs shareholders, and 28.48% to the token treasury.

Kava coin’s open interest is $12.80 Million. As per Coinglass, another crypto analysis website, it rose by 4.60% in the previous session. The long versus short ratio for 24 hours is 0.9493. The total number of short positions added in the last 24 hours is $490.88K against longs of $36.74K.

KAVA crypto plummeted by 0.26% in market value and by 44.21% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data and info website. Its market value is $554,426,554 and its trading volume is $24,956,171. There are 872,861,848 KAVA in circulation.

The KAVA has faced a significant decline in its performance since its launch. It has dropped by 34.10% in its first month and by 27.49% in the next two months, showing a downward trend.

However, it has shown some signs of recovery in the current month, increasing by 2.53%. Moreover, it has surged by 9.80% in the latest week, indicating a potential turnaround.

The technical analysis indicates that the KAVA price has a chance to rise only if it can break the previous resistance levels of $0.65 and $0.70 and also if it can stabilize the ongoing rally and surpass the previous high.

On the other hand, the KAVA price might drop and may drop to new support levels of $0.60 and $0.55 if the bulls lose strength and fail to hold the current level.

Will Rally Continue To Advance Up to $1 for KAVA?

Source: KAVA/USD.1D.BITFINEX by TradingView

Source: KAVA/USD.1D.BITFINEX by TradingView

At the time of publishing, KAVA is trading above the 20 and 50-day EMAs (exponential moving averages), indicating a bullish trend.

A bullish crossover has occurred as the MACD line (0.00294551) and the signal line (0.01043288) have moved above the zero line, indicating a possible change in the trend direction.

The RSI value (60.23) and the 14-day SMA (43.36) are both above the median line, suggesting a strong demand. The 14-day SMA also acted as a support level for the RSI, confirming the bullish momentum.

Conclusion

KAVA is showing a positive trend at the time of publishing and strong buying is observed on the charts. The technical indicators tools used to estimate the KAVA price are showing gestures for more upside potential on the daily chart. The price action shows a long bearish decline on the chart but the attention shifted as soon as it started to rally from the formed support in the last couple of days.

Technical Levels

• Support levels: $0.60 and $0.55
• Resistance levels: $0.65 and $0.70

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Source