- KAVA crypto price decreased 31.35% during the weekly trading session.
- The current price is sustaining above the $0.6104 demand zone.
- Kava all-time high price is at $9.19, and the current price is performing 92.99% below.
Strengthened by Cosmos EVM technology, Kava (KAVA) is a Layer-1 blockchain that offers maximum scalability, speed, security, and developer support. The blockchain combines the speed and interoperability of Cosmos with the power of Ethereum. Kava aims to broaden access for developers and users and ensures builders in the Cosmos and Ethereum ecosystems are adequately rewarded. To ensure the network’s integrity, Kava uses a Tendermint-based proof-of-stake (PoS) consensus algorithm.
KAVA Crypto Experienced 25.32% Negative Profitability
The year-to-date returns of Kava are facing 25.32% negative profitability. Starting from October 2023, the cryptocurrency witnessed a massive rise in price from the $0.5596 extreme support. The price reflected an over 70% bullish rally to the $0.9757 resistance level till December 2023 and experienced short selling afterward.
Subsequently, the price fell on the $0.6709 bullish point of interest (POI). Crypto traders were very eager for this opportunity. As soon as the price reached that POI, the buyers took positions and surged the price over 70% to the $.15 resistance on March 14, 2024. Since then, the KAVA crypto has been facing heavy profit bookings.
Kava has released 1.08 billion tokens in current circulation, with a market capitalization of $716.54 million. 12.8% of tokens are bonded, which holds the value of $138.85 Million. The community pool holds $406.53 Million worth of tokens, which hardly covers 37.54% of the supply. The cryptocurrency has a 0.00% current inflation rate.
Price to Volume and Social Dominance Analysis
The social buzz of the Kava crypto played a significant part in impacting the rise and volume in the last quarter of 2023. The social sentiments covered over 0.40% dominance in the crypto world. However, the dominance has been slowly decreasing since January 2024. The price and volume got attention after January 2024 but have declined in recent sessions.
Technical Analysis of the Kava (KAVA) Price
The multiple crossovers that happened between the key exponential moving averages reflect uncertainty in the trend. The current price slipped below the 50-day and 200-day EMAs, indicating a short-term fall.
KAVA crypto price faced strong resistance from the $1.15 level. The price fell to the $0.8140 decisional point of interest (POI), giving a bullish move. Instead of breaking above the $1.15 resistance, the price made an opposing move below the $0.8140 POI.
The current price is trading at $0.6569 after dropping on the $0.6104 demand zone. The price may fall further If the price slips below $0.5596. For a bullish trend, the price must close above $0.9249.
The relative strength index (RSI) is showing bearish momentum in the current trading phase. However, the strength is weakening in the current session, which can indicate a reversal. The RSI is moving at 31.70 below the signal line.
Summary
KAVA cryptocurrency has shown a bullish trend since October 2023. However, an opposing rally has been observed in the price from the $1.15 resistance level on March 14, 2024. At press time, KAVA price is trading at $0.6569 after dropping on the $0.6104 demand zone. The price may fall further If the price slips below $0.5596. For a bullish trend, the price must close above $0.9249.
Technical Levels
- Resistance Levels: $0.8140 and $1.01
- Support Levels: $0.5596
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 or stock comes with a risk of financial loss.