KAVA price showed fresh accumulation from the demand zone of $0.700 and pulled back from the bottom. Moreover, the price action gave indications of a trend reversal and renewed strength on the charts. KAVA price is near its 200-day EMA and could register a breakout in the following sessions. Furthermore, the price broke the neckline of the consolidation phase and is sustaining above the round level of $1.000, giving bearish signs.
The chart structure now indicates fresh bullishness, and buyers are gaining traction to initiate a fresh uptrend. Recently, the KAVA price showed a symmetrical triangle pattern, but a rejection candle with a long wick showed sellers a strong grip near $1.500. However, buyers held their gains and intend maintain the pressure.
In the previous sessions, KAVA started to trade above the 20,50, and 100-day EMAs and is now ready to smash above its 200-day EMA. Also, a bullish crossover was noted on the charts.
At the time of writing, KAVA is trading at $1.008 with an intraday gain of 5.10%, showing the bulls’ strength and maintaining the gains leading on the front. Moreover, the trading volume also indicates an increase of 11.77%. The pair of KAVA/BTC is at 0.000331 BTC.
Daily Charts Shows Fresh Bullish Indications
On the daily charts, KAVA is getting ready for an upcoming battle, where buyers have an advantage as the price has entered the bullish range and escaped the neckline of the congestion zone.
As per the Fib levels, the KAVA price is trading above the 38.2% level, while the 50% level is at $1.600, which buyers are willing to retest. Furthermore, the price surpassed the mid bollinger band, and buyers gained momentum from the previous trading sessions.
Moreover, the price is about to register a massive breakout. If the price surpasses $1.10, it could charge the momentum, and buyers could head towards the hurdle of $1.300. On the other hand, if profit booking is the scenario, then immediate support is near $0.800.
Short Term Charts Shows Breakout Signals
On the 4-hour charts, KAVA price shows a vertical move forming a crossover. Moreover, the price escaped above the $1 neckline, which trapped sellers who maintained positions over there.
The RSI curve is near 60, entering the overbought zone, and positive divergence was noted on the charts.
The MACD indicator also persisted to form green bars and showed a bullish crossover in the previous sessions giving bullish indications.
Conclusion:
KAVA token price surpassed $1.00 showing strength on the charts. The $1.500 level is expected to be retested in the following sessions.
Technical Levels
Support Levels: $0.800
Resistance Levels:$1.200 and $1.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish 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.
Source: https://www.thecoinrepublic.com/2023/07/11/kava-price-analysis-will-kava-spread-gains-above-200-day-ema/