Kava price
KAVA Price Analysis: KAVA Trades in Box Pattern, Buy or Deny?
- The KAVA token has been fluctuating under a box pattern since last week.
- The Money Flow Index (MFI) is moving slowly on the daily price chart.
- Trading volume increased by 150% overnight and $27.5 million was recorded.
The KAVA token is showing a unidirectional trend as the asset price fluctuates under a box pattern. This box pattern is barely keeping the asset price under control, thus the bulls and bears struggle for directional momentum. The fight is likely to continue as the trading volumes seem to be lower as compared to the last two weeks.
The price action of the KAVA token drew a lower-higher structure during the downtrend. This price pattern places resistance at each previous swing high, so buyers will struggle a lot for a bullish rally. However, as long as the price does not stay below the box, traders are not interested in making any positions.
In the hourly chart, price shows little recovery this week but this price recovery is not sufficient for breakout. Meanwhile, KAVA token is bullish today by 2.4% while price is training at $1.52 mark at the time of writing. Moreover, the KAVA token along with the USDT pair is up 5.7% at 0.00008128 Satoshis.
Trading volume increased this week, as it hiked by 150% overnight and recorded at $27.5 Million. Similarly, the Money Flow Index (MFI) is rising gradually over the daily price chart. Despite MFI indicator’s rise buyers afraid to push asset price higher.
Wait for Range Break
Buyers have been struggling below the mid-band of Bollinger Band indicator for a long time. Again KAVA price fluctuates just below the 20-DMA and is acting as an immediate resistance. Eventually, the RSI indicator moves at 43 mark below the semi-line over the daily price chart;
Conclusion
KAVA token is no doubt underperforming but buyers accumulate altcoin near the lower-band of Bollinger Band indicator. Due to the sideways trend in the box pattern, traders are not interested in making any position.
Resistance level- $1.6 and $2.3
Support level- $1.4 and $1.0
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.
