- KAVA Price up 17% on a weekly basis and 54% on a monthly basis.
- The KAVA crypto price breakout of $1.00 hurdle and prepares for golden cross.
- KAVA Price prediction favors the bulls and suggests a rise in the long term.
KAVA Price up 17% on a weekly basis and succeeded to break out of the $1.00 hurdle. It indicates fresh buyers had taken a long position and expected the rally to continue for a few weeks.
KAVA crypto witnessed a massive spike in the buying volume and price also surged 44% on a previous session. However, In the closing session buyers were unable to hold the higher levels and closed with gains of 9.96%.
KAVA Price Prediction favors the bulls and long term outlook remains bullish. From the past few months, KAVA Price is consolidating in a wide range between $0.700 and $1.00. Finally, buyers are able to break the higher range and expand upside.
KAVA crypto holds the price above the 50 and 200 day EMA. The EMAs are reversing upward and sloping north denotes positional trend favoring the bulls. KAVA Price is trading at $1.196 with an intraday rise of 1.27%. The 24 hour volume to market ratio is 0.4816.
At the beginning of May, KAVA price has consolidated for a few days near to the lower range. However, the sellers were unable to pull the prices further down and prices took the U-turn from support. It rallied 60% approx from the support which has created a new hope for the long term investors.
KAVA Price prepares for golden crossover
KAVA Price is quite volatile and performed well in the current month. The EMAs are tilting upward and might display a golden crossover in the coming month. If price continues the upward momentum and holds $1.200 level the possibility of golden crossover will increase.
However, If the price rectrace downward and witnessed minor profit booking then it might rest the 50 day EMA which will act as a support. On the other hand, if the price drops below $0.900 the recent up move will be considered as fake and the probability of bounce will decrease.
The technical analysis suggests Fresh buying is visible in KAVA crypto and prices are likely to hold the higher levels.
Will KAVA crypto consolidate after the breakout
The next rally in KAVA crypto will be visible when buyers hold the $1.200 level and consolidate for some time for base formation. In the previous session prices eroded major portions of the intraday gains showing sellers are also active. Therefore, the confirmation of the breakout is still awaited.
The technical indicators like MACD had generated a positive crossover and rising histogram denotes strength in the up move. The RSI curve at 74 sloping upward donotes price is near to the overbought territory and short term retracement is also possible.
Conclusion
KAVA Price is up by 17% on a weekly basis and shown a massive breakout of $1.00 hurdle. The chart structure is highly bullish and EMAs might be preparing for the golden crossover. The technical analysis suggests, KAVA crypto is bulls grip and price is likely to hold the higher levels.
Technical levels
Resistance levels: $1.400 and $1.600
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.