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- KAVA crypto price broke out previous week high and formed a strong bullish candle
- KAVA token price recovered 50% approx from the lows and attempting to trade above 50 day EMA
KAVA crypto price is trading with mild bullish cues and buyers are trying to continue the upwards momentum. However, it will be difficult for bulls to take out the 50 day EMA hurdle in coming sessions. As of now, The pair of KAVA/USDT is trading at $0.738 with the intraday gains of 0.27% and 24 hour volume to market ratio stood at 0.1482
Will the KAVA bulls be able to reclaim $1.000 ?
On a daily time frame, KAVA crypto prices are in a downtrend and bears are continuing their dominance on higher levels. In the past couple of weeks the KAVA price has been stuck in the narrow range between $0.798 to $1.000 but unfortunately in the mid of December, prices dropped below the lower range support level which triggered the negative sentiment and prices keep on falling by forming lower lows. Later In January, bulls managed to hold the $0.500 level and formed a bullish hammer reversal candle.
As of now, prices had recovered 50% approx from the recent lows and rising upwards by forming higher high candles. The 50 day EMA (yellow) at $0.791 will act as an immediate resistance in coming days followed by the next hurdle at $1.000. On the lower side $0.514 will act as a savior for bulls.
The rising volume bars shows some genuine buyers might have been building up long positions and expecting the price to continue the upward momentum but the confirmation will come when bulls will be able to hold the 50 day EMA on a closing basis. However if bulls failed to sustain above 50 day EMA it will be a disappointment for KAVA investors and prices may enter into long term consolidation.
Recently, the MACD had generated a positive crossover and histogram bars are rising higher indicating bullishness may continue in the coming weeks and the RSI at 56 denotes more room for upside is open for KAVA prices.
Summary
KAVA crypto prices had shown a V-shape recovery from the lows and surprised its investors while forming higher high candles but the confirmation of trend reversal will come when the prices will be able to sustain above 50 day EMA on a closing basis. Therefore, aggressive traders must wait for the price to confirm the trend reversal before building up any long positions.
Technical levels
Resistance levels : $0.800 and $1.000
Support levels : $0.500 and $0.400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
