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- KAVA is currently seeing a strong upside trend line and can move to a new high in the future
- Technical indicators are favoring the upside move. It has seen a gain of more than 1% in the BTC pair
Kava is a decentralized finance (DeFi) platform built on the Cosmos network, which aims to provide a stablecoin lending and borrowing platform. The Kava platform is built on a proof-of-stake (PoS) consensus mechanism, which allows users to earn rewards for validating transactions on the network.One of the key features of Kava is its stablecoin lending and borrowing platform, which allows users to collateralize their assets in order to borrow stablecoins at a lower interest rate. Kava currently supports several stablecoins, including USDX, a stablecoin pegged to the US dollar.In addition to its lending and borrowing platform, Kava also offers a range of DeFi services, including a decentralized exchange (DEX) and a yield-bearing savings account. The Kava DEX allows users to trade a variety of digital assets in a trustless and decentralized manner, while the savings account allows users to earn interest on their idle assets.
Kava has a market cap of $327 million and is ranked 101 in the CMC. Volume to market cap ratio of the asset suggests a consolidated trend in price.
Bulls Of KAVA Are Looking For A Push
KAVA is currently in an upside move with the rise in Bitcoin. The weekly technical chart of the KAVA hints towards a consolidated trend. It is forming an upside trend line and it is acting as a resistance. On the daily chart it is trading near the value of $0.865 with a small gain. It can see a halt near the value of $1.25. On the downside move it can see a halt near $0.5. It is trading above 50 and below 100 DMA. There can be a positive crossover which can push the asset price to a new high in the future.
MACD of the KAVA is currently giving bullish signs. It is forming green bars and signal lines are giving a positive crossover.
Conclusion
Kava has seen positive gains with BTC crossing over $21k. KAVA price is currently in an upside move and can soon see a new high in the future.
Technical Levels
Major Resistance:$1.5
Major Support;$0.5
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.
