KAVA Coin Price Analysis: Bear Market to Continue in the Future?

• The price is currently consolidating in a narrow range.
• The price is trading above its major support level of $0.605.

The Kava Chain is a swiftly secured Layer-1 blockchain, amalgamating Ethereum‘s developer capabilities with Cosmos‘ velocity and cross-compatibility within a unified, expandable network. It was built from the ground up to optimize its resources for protocol growth with its Cosmos EVM technology. It enables maximum scalability, speed, security, and developer support.

KAVA Coin Technical Analysis

The KAVA coin price is currently at $0.629 and is down by 0.16% since the last trading day. The current coin’s market capital is $507,660,431, with a circulating supply of 805,459,798 KAVA coins.

Currently, the coin price is consolidating in a range of $0.638 to $0.613 and is sustaining above the $0.605 support level. If the price manages to break out above its current range, it has the potential to rise towards its immediate resistance at the trendline. Should it successfully breach this trendline resistance, the next target could be around $0.840.

On the flip side, if the price maintains its bearish trend, a breakdown below the $0.605 support level is necessary. In such a scenario, the price may experience a decline towards its next support level at $0.510. 

Technical Indicators on the Current Trend

The KAVA price is currently trading below the 50 and 100 EMAs. This indicates that the price is currently under the control of sellers, at the time of writing. 

The relative strength index (RSI) is just below 50 but the RSI line is trending in the upward direction. This indicates that the buyers have started to influence the price. If the RSI crosses above 50 then the buyers would start dominating the price.

The long/short ratio of KAVA is 0.8681% indicates the higher short orders have been initiate in comparison of the long position. The short positions are 53.53% and the long positions are 46.47%.

Conclusion

The KAVA price is currently in an indecisive phase as it consolidates in a narrow range. The coin price is currently sustaining above the $0.605 support level as it waits for a breakout or a breakdown. If the price gives a breakout, then the price would rise to the trendline which is acting as a resistance now. The second target will be at $0.840 if the price breaks above the trendline.

However, if the price gives the breakdown of the $0.605 support level, it would fall towards its next support at $0.510.

Technical levels

Resistance Levels: $0.840.

Support Levels: $0.605 and $0.510.

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 in or trading crypto assets comes with a risk of financial loss.