The uptrend continues with the 200-day EMA retest, and the KAVA coin price challenges the $5 resistance zone. With the inevitable crossover of the 50 and 100-day EMAs, the possibility of uptrend continuation above $5 increases. But should you be bullish when BTC is below $45K and clings to the 50-day EMA?
Key points
- The short consolidation rally challenges the $5 resistance zone.
- The 50 and 100-day EMA are ready for a bullish crossover.
- The intraday trading volume in the Kava coin is $164.56 Million, indicating a 2.09% rise.
Source-Tradingview
On 16th March, the KAVA coin price experienced a significant inflow resulting in a rally surpassing the $4 mark and a double bottom breakout. The breakout rally outperformed the 200-day EMA but faced a colossal supply availability at the $4.88 level.
The KAVA coin price action created a short consolidation with a rise in bearish influence on 4th April, resulting in a retracement to the 200-day EMA. However, buyers stepped in at the trend-defining EMA and pushed the prices above the consolidation range.
The bullish breakout reaching the $4.85 level undermines the previously seen higher price rejection and increases the chances of the $5 breakout. Hence, the breakout will illuminate a buying opportunity with the possibility of a 15% rise to the $5.6 mark.
Contrary to the bullish thesis, if sellers overtake the trend control at the $4.85 level, closing below the $4.6 mark will void the uptrend dogma and toy a retracement to $4.
Technical indicator
The uptrend continuation influences positive retracement in the EMAs, resulting in the 50 and 100-day EMA crossover.
The daily-RSI slope shows a V-shaped reversal to reenter the overbought territory and retest the 14-day SMA.
- Resistance level- $4.85-$5 and $5.6
- Support levels- $4.60 and $4
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/kava-price-prediction-bulls-eye-5-breakout-with-21-jump-to-5-6/