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- 1 Kava was trading at $0.9633 with an increase of 4.67% intraday and between the primary support and resistance is consolidating.
- 2 The 24-hour low for KAVA was $0.9214 and the 24-hour high was $0.9641.
- 3 The Kava token price is between the 100-, and 200-Days DMAs.
The KAVA/BTC pair was trading at 0.00003142 BTC intraday, representing a slight gain of 2.96%. The token, however, experienced a fall of 76.48% in the previous trading year under a bear market. From the beginning of 2022, the token experienced a decline until March 2022, indicating that sellers dominated the market. However, buyers became active and helped the token reach a new 52-week high. But the sellers regained control and kept the token trading below its 20-Day DMA for the rest of the year. Toward the end of the year, the sellers pulled the token below its primary support of $0.781, resulting in a new 52-week low on the last day of 2022.
At the beginning of 2023, the token resumed its upward trend by breaking through both primary support and resistance levels. However, once it reached its primary resistance of $1.182, the token started consolidating and trading within the range of its primary support and resistance. The token price made another attempt to break its secondary resistance of $1.182 with the help of active buyers present in the market but got rejected which shows that the zone above the upper limit is acting as a distribution phase.
Kava price prediction suggests that if the KAVA token maintains its upward momentum and if it manages to break its primary resistance with the help of active buyers then the token may show an upward rally toward the secondary upper limit over the daily time frame chart.
The trading volume of the token increased by 24.37% in the last 24 hours, indicating a relationship between the trading volume and the price of KAVA, showing an increase in bullish intent.
Kava Price Technical Analysis
The Relative Strength Index (RSI) is increasing in the overbought zone and has shown a positive crossover. This suggests the buyers are in the majority of the market and pushing KAVA upwards. The current value of RSI is 60.05, which is above the average RSI value of $48.77.
MACD and the signal line are also increasing and have shown a positive crossover over the daily chart supporting the RSI claims and indicating strength in the current bullish trend.
Conclusion
Kava price prediction suggests that if the KAVA token maintains its upward momentum then the token may show an upward rally over the daily time frame chart. The sudden increase in trading volume suggests positive market sentiment toward the KAVA token.
Furthermore, RSI and MACD are both increasing and have shown a positive crossover over the daily time frame chart which shows strength in the current uptrend. This can be a good opportunity for long traders to enter the market.
Technical Levels
Resistance Levels: $1.001 and $1.182
Support Levels:$0.781 and $0.4841
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
