Kava Price Analysis: KAVA Declining Through an Interesting Pattern, Know Whereabouts!

• Kava price has been trading inside a descending triangle pattern over the daily price chart.
• KAVA crypto is currently below 20, 50, 100 and 200-days Daily Moving Average.
• The pair of KAVA/BTC is at 0.00007877 BTC with an intraday drop of 0.02%.

Over the daily price chart, the price of KAVA is trying to break out of a descending triangle pattern. The coin is currently moving forward as it gets closer to the pattern’s upper trendline. For the KAVA currency to rebound and pass a crucial barrier level, it must maintain its current speed. The descending triangle pattern must be maintained by KAVA bulls in order for the token to increase bullishly and break out. Bears are trying to short the KAVA market, though. In a downturn market, it is more difficult for cryptocurrencies like KAVA to successfully recover. Investors in KAVA must hold off until bulls continue to hold a position above the triangle’s top trendline.

Kava’s current projected market price is $1.52, which is 1.36% less than the previous day’s closing price. However, during the intraday trading session, the volume of transactions declined by 6.76%. This shows that the bears who are seeking to pull the token are playing the game better than the bulls. Volume to market cap ratio is 0.02905.

In order to accelerate toward the upper trendline of the descending triangle formation and take over the pattern’s position, the price of the KAVA coin needs to entice additional buyers. However, as the volume variance demonstrates, the bears are attempting to stockpile for a decline in the value of the KAVA currency. To show its recovery phase on the daily price chart, the KAVA coin price must rise toward the upper trendline.

What do Technical Indicators suggest about KAVA?

KAVA Crypto is keeping an eye on its recovery from a descending triangle formation on the daily price chart. To optimize recovery, the token needs to keep moving inside the channel and push past the acceptable resistance level. Technical indicators imply that the KAVA coin’s rising trend is still present.

The relative strength index shows the incline of the KAVA coin. The RSI crosses the oversold bought as it leaves neutrality. The MACD for the KAVA coin shows a bullish momentum. The MACD line is higher than the signal line after positive crossover. Investors in KAVA need to keep an eye on the daily chart for any changes in trend.

Conclusion

Over the daily price chart, the price of KAVA is trying to break out of a descending triangle pattern. The coin is currently moving forward as it gets closer to the pattern’s upper trendline. For the KAVA currency to rebound and pass a crucial barrier level, it must maintain its current speed. The descending triangle pattern must be maintained by KAVA bulls in order for the token to increase bullishly and break out. Bears are trying to short the KAVA market, though. However, as the volume variance demonstrates, the bears are attempting to stockpile for a decline in the value of the KAVA currency. To show its recovery phase on the daily price chart, the KAVA coin price must rise toward the upper trendline.

Technical Levels

Support Levels: $1.50 and $1.40

Resistance Levels: $1.60 and 2.00

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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