- The KAVA token price is trading at the demand zone on a daily time frame.
- The token price is forming a falling edge pattern on a daily time frame.
- The pair of KAVA/BTC is trading at the price level of 0.0000821 with a decrease of -2/91% in the past 24 hours.
The KAVA token price as per the price action is hovering around the demand zone on a larger time frame. The token price has faced the heat prevailing in the overall market, due to which it was seen falling to the long-term demand zone. The token price is forming lower low and lower high formation on a daily time frame while on a smaller time frame the token price is doing the opposite. As of now, the token price is showing a reversal sign following the consolidation. At present, the KAVA token price is trading below the 50 and 100 Moving Averages. The token price fell below the important MAs during the previous bearish trend. Since then the token price has failed to surpass the 50 and 100 MAs. Moving upwards the token price can be seen facing the strong bearish pressure from these MAs. The KAVA token price is trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. Volumes have been normal following the consolidation. The KAVA token price has also fallen below the 20 EMA indicating bearishness for the short term.
The KAVA token price is forming a falling wedge pattern on a daily time frame
Average Directional Movement Index: ADX curve has been dipping on a weekly time frame as the token continues to fall. In an hourly time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As seen in the 4-hour time frame the ADX curve has risen above the zone indicating strong bullishness. As the token price hovers around the supply zone, the ADX curve is still pointed upside. Investors should wait for a breakout of the supply zone with a positive candle formation.
Relative Strength Index: RSI curve is trading at the level of 44.75. The RSI curve is yet to cross the halfway mark of 50. Once the token crosses the supply zone of 1.689 the token price can be seen moving up with strong bullish momentum. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness. Once the RSI crosses the halfway mark of 50 the MANA token price can be seen breaking the supply zone, supporting the trend.
Moving Average Convergence Divergence: The KAVA token price is still bearish on a larger time frame. On a smaller time frame, the token price has bounced off the demand zone. As a result, the MACD indicator has triggered a positive crossover. The blue line crossed the orange line on the upside indicating bullish for a shorter period if bears don’t overpower bulls for the upcoming 72 hours. If the token price breaks the supply zone resulting in the breakout of the falling wedge pattern, then the MACD line can be seen widening supporting the trend.
Conclusion: The KAVA token price is trading at the demand zone on a daily time frame. The token is still bearish on the weekly time frame while it forms a reversal chart pattern On a daily time frame. An investor should wait for a proper signal of breakout on either side. It remains to see if the bulls show the power to fight back or if the bears continue to dominate.
SUPPORT: $1.3 and $1.2
RESISTANCE: $2.1 and $2.5
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.