- KAVA price fell 19% in the previous week and is trading near 2 months low.
- KAVA crypto price rejected the 200 day EMA and dropped below the 50 EMA.
- The KAVA price is consolidating in a wide range.
KAVA price fell 19% approx on the previous week and eroded the gains generated in the past few months. KAVA price seems to be stuck into the wide range of consolidation and sellers are attempting to break the lower range. However, the confirmation of the breakdown is still awaited.
The KAVA price is trading below the 200 day EMA and 50 day EMA showcase positional trend as well short term trend is in downward direction. The trading volume in KAVA crypto is in a decline phase denoting less number of genuine buyers are active. Presently, KAVA crypto is near to the crucial support buyers trying to defend the demand zone.
KAVA price is trading at $0.778 with an intraday rise of 0.52%. The 24 hour volume to market cap ratio at 0.0241. At the beginning of March, KAVA price took support near $0.800 and formed a bullish hammer candle. It created a hope for the trend reversal and prices bounced back with a strong momentum. It rallied 50% approx in a short period of time and attempted to break the 200 day EMA. Sadly, it got rejected and profit booking triggers from higher levels.
Will KAVA price test the 52 week low?
KAVA price downfall took halt near to the 50 day EMA and entered into the narrow range consolidation. Recently, the overall market sentiment turned bearish which negatively impacted the KAVA crypto and dragged it to the demand zone. If the buyers succeed to defend $0.700 level then we might see a short term rebound in coming weeks.
On the other hand, if the price dropped below $0.700 then more downside will open up and bears may try to drag it further down toward the 52 week low. Technical analysis suggests, till the $0.700 level is sustained, KAVA bulls are at safe zone and relief rally is possible.
Will Short term pull back in KAVA price sustainable?
KAVA price tried multiple times to break the higher range but got rejected. It shows strong sellers active in the supply zone and sustainability of short term pull back will be doubtful. The technical indicators like MACD had generated a negative crossover and histogram is in a declining phase. It indicates bearish momentum might continue and prices are likely to trade with bearish bias. The RSI at 35 near to the oversold territory and sloping sideways denotes prices might trigger a relief rally from the lower levels.
Conclusion
KAVA Price fell 19% on a previous week and attempted to break the lower range of consolidation. However, the price is near to the crucial support. If buyers succeed to defend $0.700 then it might show short term pull back from the demand zone.
Technical levels
Resistance levels : $1.000 and $1.200
Support levels : $0.700 and $0.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.