•KAVA/USD is currently priced at $0.90 and has increased by 1.02% over the past day
•The trading volumes have decreased by 44.50% over the past day
•The technical indicators suggest that a period of accumulation is on the horizon
Short Term View: Is this the start of an uptrend for Kava?
The Kava price today is $0.907893 USD with a 24-hour trading volume of $23,714,068 USD. Kava is up 1.02% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.07915 for the altcoin.
Cosmos bulls have struggled to make their mark in the market in recent past but the gradual shifting of sentiment is pointing towards a positive sentiment brewing in the altcoin. This has pushed the Kava price to transact above the 20,50 SMA on the four hour chart. The bulls will establish their dominance in the market if they are able to breach the all important $1 resistance level in the near future. On the flip side, the support for the asset resides at $0.80, breaching which would be a major obstacle for the investors.
Long Term View for Kava price
After undergoing a protracted downtrend, Kava has shown some vigor which has resulted in the development of a bullish crossover on the daily chart, turning the histograms green in the process. The recovery is lacking momentum however, as the MACD and signal lines continue to transact deep into the negative territory. The RSI is also on the rise again and is currently transacting at 37.33 after recovering from the depths of the oversold territory.
Conclusion
Wednesday marked the return of Kava bulls in the market even as the selling pressure eased in the preceding days. The technical indicators suggest a positive outlook for the near term if the bulls are able to keep up the pressure.
Support: $0.80
Resistance: $1
Disclaimer
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.
