The KAVA token price formed a double top pattern on the charts, leading to a reversal in the past sessions. Moreover, the token has breached the $1 mark and is anticipating a correction ahead. The token has retested the 100 day EMA mark, highlighting bearish cues. The price action signifies trend reversal and lost over 20% gains this week.
At press time, the Kava token (KAVA) price was trading at $0.9117 with an intraday drop of 2.61%, reflecting neutrality on the charts. It has a monthly return ratio of -6.90% and 5.25% on a yearly basis. The pair of KAVA/BTC is at 0.0000138 BTC, and the market cap is $64.10 Million. Analysts are neutral and suggest that the KAVA price may face retracement ahead and will slip below the 200 day EMA mark soon.
KAVA Price To Volume Profile Reveals Profit Booking
Per the Santiment data, the KAVA price to volume metric was displayed, revealing selling pressure on the charts. Amidst the market surge, the token did not participate and consolidated in the narrow range.
Price Volatility and Weighted Sentiment Outlook
Following the price decline, sharp volatility was witnessed, and the price volatility value replicated a pump and dump moves. The volatility curve stayed near 0.014, noted a decline over 32% in the previous session. However, the total weighted sentiment remained close to the midline, noted around -0.514.
Social Dominance and X Follower Outlook
The social dominance data remained average and noted minimal fluctuations this week. The value stayed near 0.036% signifies a neutral outlook. Similarly, the X followers noted a rise to the $2 mark.
Development Activity and Open Interest Analysis
Amidst the price decline, the development activity noted steady moves this week, noting around 16.79 replicate neutrality. However, the derivative data noted a long unwinding activity and the open interest declined by 2.78% to $17.21 Million in the previous 24 hours.
Per the Fib levels, the KAVA price has slipped below the 38.2% zone and is trading below the mid Bollinger Band support zone. The RSI curve dragged below the midline, signifying a negative crossover on the chart. Similarly, the MACD indicator shows a bearish crossover and red bars on the histogram.
The total supply of the KAVA token is 140.32 million, whereas the volume-to-market cap ratio is 0.512, whereas it stands at 487 per the market cap in the global crypto market.
Summary
The KAVA token price has slipped to the 100-day EMA zone and displayed selling pressure in the last sessions. The KAVA token may extend the downmove and will retest the 200 day EMA ahead. Additionally, the technicals highlight a selloff and that the token may slide toward the demand zone of $0.8800 soon.
Technical Levels
Support Levels: $0.9000 and $0.8800
Resistance Levels: $1 and $1.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
