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KAVA price is trading under a severe downtrend while being under 200 EMA - 2
KAVA price is trading near its recent support level
The KAVA price traded under the 200 EMA while taking critical resistance from the 100 EMA. After the positive crossover from the 20 EMA and 50 EMA after making a bullish hammer pattern while after consolidating around the 100 EMA the price made a negative crossover while giving a sharp downturn of 24%. Although the KAVA price did try to break out of its resistance with the strength it couldn’t sustain and again it took a severe fall of 20%. The current price of KAVA is 0.787 with a change in 24-hour trading volume of -65 percent.
KAVA taking a severe correction of 20%
KAVA is the layer-one blockchain that combines the best features of both worlds the speed and interoperability of Cosmos with the developer’s power of Ethereum. The KAVA platform has an EVM-compatible execution platform environment which solidity developers and their Dapps to benefit from the scalability and security of the KAVA network. The platform offers scalability, and Tendermint consensus enables it to support the transaction needs of thousands of protocols.
The overall market is currently trading at the neutral level of around 50 points according to the greed and fear index provided by the alternative (dot) me site which measures the sentiments across the markets from different sources. While the overall market is currently trading under the seller’s influence the KAVA price has taken a bullish turn where the bulls are currently dominating the market by 50 – 51% across all the major platforms.
Technical Analysis ( 1 Day Timeframe )
The KAVA price is currently trending under a severe downtrend under the 200 EMA while currently taking resistance from the 100 EMA. While the 20 EMA after giving a positive crossover the 50 EMA took rejection from the 100 EMA and currently giving indications of making a negative.
The RSI line is currently trading under a severe downtrend while the RSI line is trading at 37.60 points and while taking resistance from the 14 SMA which is trading around 46.31 points from which the RSI is constantly taking resistance.
Conclusion
The KAVA price is currently around the price of $0.787 while its next support level is around $0.740 while its resistance level is 24% above the current price and its next resistance level is 44% above the current level around the price of $1.138
Technical levels –
Support – $0.740
Resistance – $1.138 and $ 0.991
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/2023/03/05/kava-price-analysis-is-kava-price-trading-in-a-downtrend/