Kava Price Prediction: Is KAVA Ready for the Bounce Back?

The pair of KAVA/BTC was trading at 0.00004433 BTC with a rise of 11.50% over the intraday trading session.

Kava price analysis suggests that it is currently in a bullish trend. After the start of 2022, the token was in a declining phase till March 2022 as can be seen on the chart. This indicates that the sellers have been dominating the market since the start of 2022. After that, the buyers became active pushing the token upward and helping the token to make its new 52-week high. After that sellers completely took control of the market pushing the token below its 20-Day EMA and keeping it there. This can be seen on the chart as the token was trading below its 20-Day EMA till the end of the year. Near the end of the year, sellers pushed the token below its primary support and forced it to make its new 52-week low on the last day of 2022.

After the start of 2023, the token again started its upward movement breaking its primary support and resistance on its way up. But after touching its primary resistance of $1.182 the token began consolidating between its primary support and resistance. Currently, the token is trying to rise up by gathering the support of buyers in the market,

The volume of the coin has increased by 21.03% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of KAVA, which represents strength in the current bullish phase.

Kava Price Technical analysis:

RSI is increasing in the oversold zone and is showing a positive crossover which indicates that the buyers are coming in the majority and pushing KAVA upwards. This suggests the strength of the current bullish trend. The current value of RSI is 53.10 which is above the average RSI value of 43.64.

The MACD and the signal line are stranded near zero and not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Conclusion

Kava price analysis suggests that it is currently in a bullish trend. After the start of 2022, the token was in a declining phase till March 2022 as can be seen on the chart. After the start of 2023, the token again started its upward movement breaking its primary support and resistance on its way up. The increase in volume suggests the positive sentiment of the market towards the token. RSI is increasing in the oversold zone and is showing a positive crossover which shows strength in the current bullish trend, as per the technical indicators.

Technical Levels-

Resistance level- $1.001 and $1.182

Support level- $0.781 and $0.4841

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.