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- 1 The Kava crypto has withdrawn below the 20 day EMA, reflecting weakness over the daily chart.
- 2 The Kava crypto is down nearly 0.50% in intraday and was trading at $0.936.
The Kava crypto trades lightly in intraday with a slight negative development of 0.50%. The crypto was trading close to $0.936. The bears are extending the losses on the third consecutive session and the crypto has withdrawn below the 20 day EMA.
The breakdown below the 20 day exponential moving average has weakened the short term positive trend. The price currently hovers near the 50 day EMA and is trying to get support from it. The long term trend outlook is bullish until the price hovers above the 200 day EMA.
The crypto has taken multiple support from the dynamic support of 50 and 200 day EMAs. Now, if the price bulls make a comeback and the price recovers, it may again resume its way on the higher side. The short term traders and investors may target $1.11 and $1.25 on the higher side if the price surpasses the 20 day EMA.
Kava Crypto Development Activity Foresights
The Kava crypto development activity chart illustrates a healthy developer activity over the weekly chart. The development activity and developers activity contributors count curve has noted an upward trajectory in the last two months.
The development activity shows the undergoing changes and updates in the crypto. A positive curve in the development activity highlights the long term growth in the crypto.
Kava Crypto: Social Sentiments Analysis
Social indicators like social dominance, social volume and X followers also play a major role in deciding the current sentiment of the social media users about Kava crypto. The above chart mentions the social volume and social dominance of the crypto along with the number of X followers and Telegram followers.
As per the data, the total number of active Telegram users are 1193 till date and the total number of X users were 2045. Telegram users have increased gradually in the last one month. However, the total active users on Twitter have decreased by nearly 30% in the past month.
Technical Indicators Imply Weakness In The Trend
From a technical point of view, the Kava price has dropped below the 20 day exponential moving average suggesting weakness in the short term trend. However, the long term trend outlook is still bullish as the price still hovers above the 50 and 200 day moving averages.
Moreover, the RSI line has fallen below the mean line and was currently placed at 48.03 points. On the other hand, the SMA line was placed at 51.08 points. Both the RSI and SMA line were hovering close to the mean line and a bearish crossover of both the lines was observed indicating a neutral to slightly bearish outlook in the short term.
Kava Crypto Forecast April 2024
The Kava price prediction for April 2024 shows that the crypto may advance to a high of $1.256 if buyers surpass the recent resistance of $1.11 on the higher side. Whereas, the less optimistic analysts estimate a price target of $0.803 on the lower side after the breakdown below 50 and 200 day EMAs.
Conclusion
Kava crypto is experiencing a slight decline, trading near $0.936. The crypto has withdrawn below the 20-day EMA, signaling a short-term bearish trend. However, it might find support at the 50-day EMA. The long term trend outlook is bullish as long as it stays above the 200-day EMA.
Further, recovery above the 20-day EMA could see targets of $1.11 and $1.25. Development activity is positive, indicating growth. Social metrics show increasing Telegram users but a 30% drop in X activity, affecting sentiment.
Technical levels
- Support Levels: $0.886 and $0.739
- Resistance Levels: $1.11 and $1.256
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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.
