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- KAVA crypto is coming to its yearly low due to the retracement phase.
- Buyers again failed to keep crypto valuations above the 20-day moving average.
- The trading volume increased by almost 380% to $95.6 million in the last 24 hours.
Kava price is displaying a bearish price structure on the daily price scale. Although the overall crypto market was expecting a miracle in the trading session, KAVA crypto often failed to overcome the selling pressure in the past few days due to the low number of buyers at the lower price range.
According to the daily price action of KAVA token, buyers are struggling in a narrow range market due to a triple top formation below the conceptual round level of $1.0. Furthermore, the high-low draws an ascending trend line (blue), while the crypto price is hovering just above it. The yearly low is set to provide a price pump if the price breaks below the support trendline.
Traders saw the gravestone doji candle on 04 December before the retracement phase. Buyers have an opportunity to flip the bearish trend of KAVA crypto. No doubt, little positivity is present in the daily price chart while the KAVA price is trading at $0.840 mark at the time of writing. Against the USDT pair, crypto seems positive by 0.7% today.
Market capitalization looks stable at $288.8 Million as per CMC even though In the last 24 hours, trading volume rose nearly 380% at $95.6 Million. Following the pullback again buyers failed to hold crypto valuation over the 20 day moving average.
In terms of the daily price chart, the Relative Strength Index (RSI) paints a higher-lower following a reversal from the oversold zone. At that point, the peak of the RSI was present at the 35-mark, indicating a negative trend. Conversely, the MACD is going to cross the neutral level in favor of the buyers.
Conclusion
The KAVA token price several times failed to rise above the ideological round level of $1.0. On the lower side, the yearly low remained the major demand area. Buyers should recover the crypto price above the $1.0 mark to remove short-term selling pressure.
Support level – $0.770
Resistance level – $1.0 and $1.8
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 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.
