- Buyers are preventing the KAVA token price from falling below the $0.6460 initial support level.
- The moving averages and the oscillators reflect neutrality in the current trading sessions.
KAVA is a Layer-1 blockchain that is strengthened by its Cosmos EVM technology. The technology enables maximum speed, scalability, security, and developer support. It uses a consensus mechanism of Tendermint PoS to ensure the integrity of the network. KAVA has a total circulation supply of 1,082,861,763 KAVA tokens with a self-reported market capitalization of $797,675,175.
Previous Price Movements and Important Levels of the KAVA Token
At the start of 2023, KAVA token price experienced massive buying at the $0.5141 support level. Consequently, the price moved post a bullish implosion which intrigued crypto investors for the next position on that level.
The price reached the $1.1390 resistance level. Later, that level was also broken after multiple bullish corrections on the decisional demand zone at the $0.7570 level. This level was supposed to keep the price from falling but failed to do so.
As a result, the KAVA token price dropped to the extreme demand zone of $0.5919 which became an attractive point for buyers to make in a long position. In the current trading sessions, the momentum seems a bit weak for the long entry.
However crypto traders may enter a long position for $0.9551 if the price touches $0.5919 once again. As per the technical data, the KAVA token price is 143.5% above its all-time low level and in terms of market capitalization, it is placed 89th rank among cryptocurrencies.
Technical Analysis of the KAVA/USD in Daily Timeframe
The KAVA token price is currently performing below the 50 and 200-Day EMAs, reflecting a short-term fall. On the other hand, both the EMAs made a bearish crossover which could boost negativity in the current trading sessions.
The KAVA token price bounced back from the $0.5919 demand level, making it a strong support zone. However, the price broke the higher-highs swing structure after reaching the $0.9551 resistance which may work as a change of character if the price closes above.
Currently, the price is trading in a minor weak bearish range reflecting low liquidity on both sides. However, if the price reaches the $0.5919 demand zone then an approach of crypto buyers can be seen and that would let the KAVA price break above the $0.9551 resistance level.
The relative strength index (RSI) is showing minor bullish divergence in the current trading session. This indicates the buyers are approaching the crypto price early. RSI is sloping slightly above the 50-mark middle band.
Conclusion
Overall, the KAVA token price is retesting the previous demand zone at $0.5141 made in January 2023. Subsequently, it showed some buying strength from October 2023 to current. Technical analysis shows that investors and traders can expect a buy from the $0.5919 support level although the price is falling. The long position target would be at the $0.9551 level.
Technical Levels
- Resistance Levels: $0.9551, and $1.0754
- Support Levels: $0.6460, and $0.5141
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 any other advice. Investing in or trading crypto assets comes with the risk of financial loss.