Currently, the trend is being dictated by the bears, who are firmly in control of the price action. Despite the bulls’ attempts to take charge, they were unable to break above 200 EMA, and as a result, the bears have regained their dominance over the price action on the 1-day chart.
KAVA cryptocurrency is currently trading below the key exponential moving averages, which are within the bears’ reach. On the daily timeframe, the price is facing resistance from the upper levels. The supply zone is experiencing significant selling pressure, which suggests that the bears may soon push the value of the cryptocurrency further down.
Technical indicators indicate that the Bears have the upper hand. The price pattern, oscillators, EMAs, and volume are moving together, giving similar signals.
Technical Analysis Of KAVA Crypto
According to KAVA price prediction, the KAVA cryptocurrency may experience further depreciation in its value over the coming months. This week, the KAVA price has declined by 13.07%, and the price action indicates that the cryptocurrency is currently experiencing bearish pressure.
As of now, KAVAUSD’s value is $0.6765, and it has experienced an intraday drop of 0.71%, highlighting bearishness. Additionally, the trading volume in the last 24 hours is 18.06 Million, with an FD market cap of $733.42 Million.
The graph of volume and price, the trading volume has been declining for the last few months and it has affected the price negatively. Suppose the trading volume increases rapidly, it may leave a positive impact on the price.
The KAVA crypto is currently trading above the 50 and 200-day exponential moving averages (EMAs), which are providing support to the price trend. However, if selling volume increases, the price could decline further and break through the supporting SMAs by creating lower highs and lows. Therefore, the cryptocurrency price is expected to decline, which gives a bearish outlook over the daily time frame chart.
The current RSI value is 34.47 points. The 14 SMA is above the median line at 38.45 points, indicating that the KAVA crypto is bearish.
The MACD line and the signal line are both below the zero line. The MACD indicator shows a bearish crossover, which signals more bearishness for the KAVAUSD cryptocurrency price.
Summary
KAVA cryptocurrency is currently experiencing bearish pressure, and the bears are firmly in control of the price action. The price is facing resistance from upper levels, and the bears may soon push the value of the cryptocurrency further down. Technical indicators suggest that the bears have the upper hand, and the KAVA cryptocurrency may experience further depreciation in its value over the coming months.
Technical Levels
Support Level: $0.5639
Resistance Levels: $0.7871
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
