- 1
KAVA TVL has seen a rise of more than 100% from JAN to APR as per Defilama. - 2
Technical indicators of KAVA are favoring a weak consolidation in price. - 3
The cryptocurrency price is down by 0.33% in the intraday session.
Kava is a layer 1 blockchain that combines the power of Cosmos and Ethereum. KAVA is built on the Cosmos ecosystem and uses tender mint proof of stake mechanism.
Its Cosmos EVM strengthens it, which helps it achieve maximum scalability and security. It helps to enable a cross-chain interaction with the security of Ethereum.
The transactions in KAVA are conformed with the network of Validator nodes. It has bridged asset transactions of over $2.5 Billion. It has over $625 Million in assets on the chain and has a meager transaction fee. The ecosystem has over 100 active validators which can increase more in the future.
There are over 125+ dapps on the ecosystem which are running very efficiently. One can over 23% APY by staking KAVA on the network. Meanwhile, the TVL of KAVA has seen a surge of more than 100% from JAN to April. KAVA may see a move to a new high soon as per analysts.
KAVA has a market cap of $392 Million and is ranked 96th in the crypto-verse. The volume of the asset price has seen a surge of 556% in the intraday session. The V/M to the ratio of asset price hints towards a new high in the future.
Is KAVA On A Verge Of Breakout?
The weekly technical chart of KAVA hints towards a bullish momentum for the future. It has been forming a weak bullish candle on the daily chart. KAVA is trading near the value of $0.782 with a small growth in the intraday session.
The upside trend of asset price can see a halt near the value of $1.Meanwhile, the support of the asset price can be seen near the value of $0.5.The asset price is trading below the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future which can push the asset price to a new high.
MACD of the asset price is suggesting a consolidated trend in price. The bars of histograms are also favoring an upside move.
Summary
KAVA TVL has seen a surge of more than 100% in the past few months. It is currently in a consolidated trend but can move to a new high soon.
Technical Levels
Major Support:$0.5
Major Resistance:$1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/04/kava-price-prediction-kava-volume-up-by-556-will-it-jump-to-1/