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- Kava price has been trying to escape the declining triangle pattern over the daily price chart.
- KAVA crypto is trading at 20 EMA but still below 50, 100 and 200-days Daily Moving Average.
- The pair of KAVA/BTC is at 0.0000789 BTC with an intraday gain of 0.11%.
The price of KAVA is attempting to exit a descending triangle formation over the daily price chart. The coin is currently heading forward as it approaches the upper trendline of the pattern. The KAVA currency must continue moving forward at its current rate in order to recover and cross a significant barrier level. Bulls in KAVA must keep the descending triangle pattern intact for the token to rise bullishly and breakout. However, bears are attempting to short the KAVA market. It is more challenging for cryptocurrencies like KAVA to recover successfully during a market downturn. Investors in KAVA must wait until bulls maintain their position above the top trendline of the triangle.
The anticipated market price for kava right now is $1.53, which is $0.09 greater than the day’s closing price. However, the number of transactions fell by 15.99% during the intraday trading session. This demonstrates that the bears who want to pull the token are more skilled players than the bulls. Volume to market cap ratio is 0.01882.
The price of the KAVA coin has to attract more buyers in order to speed toward the upper trendline of the descending triangle formation and take over the pattern’s position. The volume variance, however, shows that the bears are making preparations for a decrease in the value of the KAVA currency. The KAVA coin price must increase toward the upper trendline in order for its recovery phase to be seen on the daily price chart.
What do Technical Indicators suggest about KAVA?
On the daily price chart, a descending triangle formation is being watched by KAVA Crypto as it attempts to rebound. The token must continue to move inside the channel and push past the desired resistance level in order to maximise recovery. According to technical indicators, the KAVA coin’s upward trend is still active.
The slope of the KAVA coin is indicated by the relative strength index. As it departs from neutrality, the RSI crosses the oversold buy line. The KAVA coin’s MACD displays a bullish momentum. After a positive crossover, the MACD line is higher than the signal line. KAVA investors must monitor the daily chart for any shifts in trend.
Conclusion
The price of KAVA is attempting to exit a descending triangle formation over the daily price chart. The coin is currently heading forward as it approaches the upper trendline of the pattern. The KAVA currency must continue moving forward at its current rate in order to recover and cross a significant barrier level. Bulls in KAVA must keep the descending triangle pattern intact for the token to rise bullishly and breakout. However, bears are attempting to short the KAVA market. It is more challenging for cryptocurrencies like KAVA to recover successfully during a market downturn. The KAVA coin price must increase toward the upper trendline in order for its recovery phase to be seen on the daily price chart. According to technical indicators, the KAVA coin’s upward trend is still active.
Technical Levels
Support Levels: $1.50 and $1.40
Resistance Levels: $1.60 and 2.00
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
