- Kava price (COINBASE: KAVA) slid 0.27% on the past day and currently trading at $0.92
- Kava (COINBASE: KAVA) derivatives data states that a total of $17.23K OI has been created on the long side against $0.01K on the short side in the past 24 hours.
Kava is a fast and interoperable blockchain that leverages Cosmos and Ethereum technologies to empower developers. Kava optimizes its resources for protocol growth and uses Cosmos EVM to achieve high scalability, speed, security, and developer support. Builders on Kava can earn from Kava Rise’s $750M developer fund, which rewards the top protocols every month based on usage.
Kava price (KAVA) is currently trading at $0.92 with a decline of 0.27% in the past 24 hours. According to CoinMarketCap data, KAVA cryptocurrency holds a total market cap of $586.45 Million and ranks 70th in the crypto market. It has received $20.98 Million in volume in the past 24 hours which is 20.26% more than the previous day. Also, It has over 635.39 Million circulating supply. The volume-to-market cap ratio of KAVA coin is 3.60% which indicates low volatility in the market.
Kava Price Prediction Using Price Action Strategy
As per the Kava price prediction, in the weekly timeframe, It was observed that the price took a rebound from the demand zone and surged by 75% in May 2023. Thereafter, it went into a correction phase and started forming a descending triangle pattern. The KAVA price declined by taking rejection from a trendline resistance and horizontal support at $0.72
Source: KAVA/USD By TradingView
Moving on to the daily Kava price chart, it seems to be in a correction phase and declining by taking rejections from a trendline resistance. Also, the KAVA price took support from the previous demand zone. Currently, the price is trying to form a new swing low above the previous demand zone and consolidating above it.
Now, If the KAVA coin sustains and makes a breakout to the trendline resistance, then it may get buyers’ interest and the price may surge up to $1.16 and $1.35
Indicator Analysis
As per the EMA analysis, KAVA price is trading below all the EMA. Also, all the EMAs have gone flat which indicates indecisiveness in the market for now.
At the time of publishing, the RSI value of the Kava coin is 44.89 and that of the SMA line is 50.27. RSI has gone flat and near the 40 levels indicating indecisiveness and consolidation going on in the market.
MACD lines are showing a bearish crossover. Also, histogram bars are being formed below the mean line which indicates short-term bearishness in the market.
Conclusion
Kava coin price (KAVA) prediction concludes that the price seemed to be in a correction phase after a surge of 75% and corrected by getting rejection from trendline resistance. However, it is consolidating above the demand zone.
Now, if the price is able to break and sustain above the trendline resistance, then it may invite the buyers to participate and the price may surge up to $1.16 and $1.35.
Technical Levels
- The support levels of KAVA at $0.91 and $0.72
- The resistance levels of KAVA at $1.16 and $1.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
