On the daily price chart, Kava coin has recovered sharply from the recent support.This week, bulls are looking to break the $2.3 barrier, the most recent bullish barrier.In the green zone, KAVA tokens are trading at 0.00009731 Satoshis, up 5.1%.
The KAVA token saw a sharp sell-off before retracing twice to its 2022 lows (at $1.4) in early June. Meanwhile, on higher time frames such as daily and above, KAVA token price action is forming a double bottom in the $1.4 area.
Recently, the bears stopped selling higher and the bulls took advantage of this bullish signal. Therefore, Kava has recovered sharply and is showing a V-shaped recovery on the daily price chart.
The bulls move towards the $2.3 mark, which has acted as a bullish barrier for the short-term outlook. Meanwhile, the KAVA token trades at the $2.03 mark at the time of writing.
KAVA investors have gained almost 50% over the past 10 days from a low of $1.4 to a recent high of $2.09. Meanwhile, according to CMC, the market cap of the KAVA token is up 3.7% over the past 24 hours to $440 million.
Trading volume gradually increases, and the daily volume bars are above average buying. Trading volumes as PE, bulls sell-off are on their way to celebrate the bullish rally, the recent resistance may not be negligible. Furthermore, the Kava token with the bitcoin pair is trading at 0.00009731 satoshis, 5.1% in the green zone.
KAVA swelled 50% in last 10-days
The RSI indicator is approaching a semi-line (50-mark) in the context of the daily price chart. However, there are several rejections from buyers in this area. Therefore, stability above this zone could lead to an upward move in the altcoin price.
The MACD makes a higher low and moves towards the neutral zone while the histogram is moving with the green bars.
Conclusion
KAVA bulls may continue buying towards the latest resistance at $2.3. However, technical indicators are also seen near the resistance areas. So any long position should be executed after the confirmation of the directional trend.
Technical Levels
Support level – $1.4 and $1.0
Resistance level – $2.3 and $3.0
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