Kava price
Kava Price Analysis: Moreover 100% rally in one month, is it a sign of long term directional trend?
- The KAVA token has been outperforming the upward trend line for the past several days.
- During the bullish rally, the bulls are looking aggressive to buy, hence trading volume increased by 41% last night.
- In the context of the daily price chart, the RSI indicator is showing a double top formation near the overbought area.
Over the last two weeks, the KAVA token has seen a strong bullish run, rising more than 40% of its value to a weekly high of $5.5. After rebounding from a low of $2.55 in 2022, Kava Coin displayed a good trend in February, gaining more than 120 percent of its cost.
KAVA investors have a strong domination point above an upward trend line, and the price is going towards the 0.5 Fibonacci retracement level (around the $6.0 barrier) during a bullish trendline. As a result, the bears have little chance of reversing KAVA’s continuous bullish trend at the recent barrier.
The weekly price candle is suggesting a Doji candle with an increase of $2.5% so far this week. Thus, KAVA is trading at $5.29 at the time of writing, with a marginal drop of 0.7% in the market cap over the past 24 hours to $985 million according to CMC. Nevertheless, the KAVA/BTC pair exists at 0.0001352 Satoshis, which is slightly higher by 0.4%.
The bulls are going to hit the most recent bullish barrier at $6.0 to break out of the time highs. During the bullish rally, the bulls are looking aggressive to buy, hence trading volume increased by 41% last night.
RSI indicator may impact the ongoing bullish rally
Finally the Kava token looks above the long-term point of control of the 200 EMA (white) on the daily price chart. Furthermore, the cryptocurrency is trading well above the 20, 50, 100 and 200 EMAs.
On the daily price chart, the RSI indicator is showing a double top formation near the overbought area. Below the 60 mark, the bears may attempt to sell again.
The ADX indicator is slowly moving up, which indicates an increase in volatility.
conclusion
The bulls still have room to push the Kava coin towards the key $6.0 resistance level. Near $6.0, buyers need to wait for confirmation for further rally.
Support level – $5.0 and $4.0
Resistance level – $6.0 and $6.5
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.
