Kava Price Analysis June 2, 2022 | Gain or Loss?

1 min read

KAVA’s price bounced back from $1.6 on May 13th. After hitting the overhead resistance of $2.9, the recovery gained 82%. The coin price may eventually drop to $1.6 if the rising wedge channel of the inverted flag pattern resonates with this recovery rally.

kava

Key points

  • The KAVA price rises within an inverted flag pattern
  • The 50-and-100-day EMAs share a bearish crossover.
  • The intraday trading volume in the Kava coin is $233.1 Million, indicating a 217.8% rise.

KAVA/USDT ChartSource- Tradingview

From Mid-November 2021 to early May 2022, the KAVA price bounded within a consolidating range, stretching from $5.6 to $2.93. However, the last reversal from range resistance of $5.6 aligned with the May month bloodbath accelerated the growing selling pressure.

As a result, the KAVA price breached the bottom support of $2.93 on May 9th, extending the ongoing correction phase. Thus, the post-retest fall halved the altcoin price and dumped it to a low of $1.41.

Furthermore, unlike some major cryptocurrencies, the KAVA price has sharply recovered and gained 112% within three weeks. However, on May 31st, the altcoin retest to the overhead resistance, and a long wick attached to it indicates significant supply pressure.

Moreover, the relief rally projects the formation of an inverted flag pattern which should encourage the continuation of the prevailing downtrend.

Thus, the expected downfall should reach its first target at $1.41, followed by $1.2.

Technical indicator

A lateral walk among the trend-defining DMAs(100 and 200) accentuates a range-bound rally in KAVA. Moreover, a recent bearish crossover between the 50 and 100 supports the flag pattern fallout.

However, the steady rise of MACD and signal slope bolsters the ongoing relief rally. A potential bearish crossover between these slopes would encourage more selling in the market.

  • Resistance level- $2.9 and $3.6
  • Support levels- $2.2 and $1.6

Disclaimer

The information provided on this page does not constitute investment advice, financial
advice, trading advice, or any other sort of advice and it should not be treated as such. This content is
the opinion of a third party and this site does not recommend that any specific cryptocurrency should
be bought, sold, or held, or that any crypto investment should be made. The Crypto market is
high-risk, with high-risk and unproven projects. Readers should do their own research and consult a
professional financial advisor before making any investment decisions.

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