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- Kava price is currently trading at $0.791 with a decrease of -1.13% during the intraday session.
- The 24 hour trading volume of KAVA is down by 4.32%.
- The KAVA price is trading below 20,50,100 and 200-Day EMAs.
Kava price is in downtrend after forming a high at $1.21 and receiving rejection from 200-day EMA. Kava started its bullish rally at the start of 2023 increasing approximately 130% in the period of three months. During the mid march, kava price started to fall and recently formed a support at $0.76 level. Price has reached a major supply zone and is consolidating between the range of $0.76 to $0.82.
Kava has struggled to keep up the bullish momentum to help it recover from year on year price crash. In April 2022, kava price was trading at $5.6 and then dropped sharply to $1.6 price level in may 2022 and again tried to recover but could not sustain a bullish move. The recovery pushed price to $3 level and again fell drastically to $0.5 level. The coin is still striving to stay above the $1 mark but increased participation of bears at the $1.10 level pushed the price down to $0.76 level.
Kava price is currently trading below 20,50,100 and 200-day EMA indicating a bearish momentum still hovers above kava price. Bulls need to defend support level of $0.76 as break of it would lead to price dropping further more to $0.65 level. The upside for kava price is that it has shown relative stability in 2023 as compared to previous years. Kava is currently ranked at 99th by market capitalization and a drop in price would push Kava outside of top 100 cryptocurrency. On condition of increased participation of bulls in market and break of $0.84 level, there is possibility for kava price to retest the $0.96 level high and most certainly break to recover from the losses.
KAVA Technical Analysis:
RSI curve resides above 40 mark and is currently at 41.38 level after increasing from 34 mark almost reaching oversold region. Kava price is consolidating near the lower band of bollinger and the band of bollinger has expanded showing increased volatility in the market. The Chaikin money flow score is -0.10 indicating weakness in kava price. The longs/shorts ratio is 1.05 with 51.02% longs and 49.98% shorts in the last 24 hours.
Conclusion:
The market structure and price action for kava price is currently bearish. The price is stuck between a narrow consolidation zone and is currently going through an indecisive phase. If bulls can push the price above $0.82 level, there is possibility of a trend shift from bearish to bullish and on the other hand if bulls are not able to defend $o.76 support level, the next target for price resides at $0.65 price level causing a decrease of approximately 13%.
Technical levels:
Major support: $0.65 and $0.76.
Major resistance: $0.82 and $0.96.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
