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- The KAVA token continues to decline near the immediate resistance level.
- In the one-hour time frame window, Kava seems to be a bit bullish.
- The Kava token with the bitcoin pair is 5.8% green on 0.000008849 satoshis.
The KAVA token attracted short sellers as its price had been fluctuating in a narrow horizontal range for the past several weeks. While in the range-bound phase, buyers witnessed the latest 2022 low of $1.4.
Buyers defended themselves twice in the last two months from another fall. In each retest of the horizontal range support level, buyers noted candlesticks such as Bullish Hammer or Morning Star patterns during the daily price scale.
At the time of writing, the KAVA token is trading at the $2.04 mark. After several attempts the speculators managed to get the altcoin price above the $2.0 level with stability. On the one-hour time frame window, Kava is trading slightly above an upward trend line (white).
Despite the bullish signals, KAVA investors have been receiving rejection near the immediate resistance level for the past few days. The bears are actively defending themselves at the $2.1 resistance level.
Meanwhile, the market capitalization of the Kava token has increased by 5.4% to $489 million in the past 24 hours according to data from CMC. Amidst the bullish cycle, the Kava token with the bitcoin pair is 5.8% green on 0.000008849 satoshis.
Trading Volume Increase During the Breakout
The important selling point of the 50 DMA is moving below the current price of the altcoin as well as the 20 day moving average is a buyers support area in terms of the daily price scale. Furthermore, the RSI has initiated an upcoming bullish upward move as its peak remains above the half-line.
Conclusion
The KAVA token can break this horizontal boundary at any time. Buyers are eyeing a bullish breakout to create the latest upside positions where the target day moving average will be.
Support level – $2.0 and $1.5
Resistance level- $3.0 and $5.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They 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, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
