- The KAVA price is currently trading at $0.645.
- The coin price has given the breakout of the falling channel.
- The price has reclaimed the 50-day EMA line.
KAVA is the native cryptocurrency of the Kava.io platform which is a decentralized protocol. It allows its users to borrow or lend assets using cryptocurrency as a security without any involvement of financial institutes. It functions like a bank for a digital asset where it introduces its users with products like Stablecoins, Loans, and Interest-bearing accounts.
KAVA Coin Price Analysis
The KAVA coin opened its intraday session at $0.645 with a surge of 3.33%. Currently, it is trading at $0.643 with a decline of 0.31%. It is currently trading with a volume of $2.535 Million. It is ranked at 66 position by the coin market cap as it has a market capitalization of 561,925,717 USD. In addition, it has a current circulating supply of $883,387,990 KAVA coins.
Is KAVA Price Showing Signs of Bullish Reversal?
In the daily timeframe, the KAVA price was tradKAVA / USDT Chart by TradingViewing inside a falling channel. Recently, it formed a double-top pattern which is a bullish pattern, and gave the breakout of the falling channel and formed a current acting support at $0.609. Currently, it is sustaining above the currently formed support and seems to be heading towards the $0.716 resistance.
The price has also reclaimed the 50-day EMA which shows the bulls are showing their presence and are trying to take control of the price. The price is sustaining above the 50-day and if the current candle in forming or the next few candles close above the green candle high. Thus, the price may reach to test the 100-day EMA.
The Relative strength index is 60.62 which is a bullish territory. The RSI line is trying to be in the bullish territory which shows the bulls will not let the price fall that easily.
The overview of the KAVA daily chart indicates that the bulls are trying their best to take the control of price. In upcoming trading sessions, the price may test the 100-day EMA and $0.716 resistance if it sustains above the 50-day EMA and $0.609 level. For the long-term bull run, it must give the breakout of the $0.716 resistance. After which it may rise to its next resistance at $0.850.
The sellers seem to be losing their control. For them to take back full control of the price, they must close the price below 50-day EMA and $0.609 support. After which the price may fall to its next support at $0.512.
Conclusion
The overall trend of the KAVA price seems to be changing. The price is showing signs of a bullish reversal. It has given the breakout of the channel and reclaimed the 50-day to initiate the bullish rally. The technical indicators mentioned above are also turning bullish. So we can expect a bullish rally in the future if the price sustains above the $0.609 support level.
Technical levels
Resistance Levels: $0.716 and $0.850.
Support Levels: $0.609 and $0.512.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.