thecoinrepublic.com
- 1 Kava’s price crashed sharply near its multi-month low value, losing 30% in the last two weeks.
- 2 The post-halving sessions have triggered a new correction phase in Bitcoin and other altcoins.
The Kava price has been experiencing substantial selling pressure in recent weeks, resulting in a loss of nearly 30% of its value. This cryptocurrency has plummeted to its lowest value in six months, shedding most of its gains.
To make matters worse, the broader crypto markets, including Bitcoin and Ethereum, have also been under significant selling pressure in the last week amid the Bitcoin halving event. However, Kava’s price took a substantial hit in the second week of April, well before the Bitcoin halving event. The selling pressure in the broader market has added fuel to the declining price of Kava.
The recent price crash has caused a lot of fear among investors. However, it’s important to analyze the situation closely and determine whether the crypto will rebound or continue to decline in the upcoming sessions. Let’s thoroughly examine the various data and their perception towards the crypto’s next move.
Can KAVA Price Continue to Crash Or Recover Ahead?
The KAVA price is expected to face some challenges in the coming days, as the daily chart indicates a sharp decline after the breakdown of the lower boundary of the symmetrical triangle pattern. Although the crypto previously surged, forming higher lows and taking support from trendline support till mid-March, forming a triangle pattern and subsequent lower highs led to the sharp breakdown.
Shortly, it is anticipated that the price may continue to head towards the south after a short pullback. The $0.63 and $0.55 levels may serve as a support zone, but whether sellers will continue to dominate and drive the price further lower remains to be seen.
Given these developments, investors must closely monitor the KAVA price in the coming days to make informed decisions accordingly.
Looking ahead, the latest data obtained from the app.santiment.net website is worth noting. The weighted sentiment curve has fallen below the zero line, which indicates that the sentiments have turned negative. This development may evoke fear among investors, and Kava crypto may continue to choose bearishness in the short term.
Kava Crypto Technical Outlook!
Based on the technical indicators, it seems that the crypto market is headed to lose more in the short term. The exponential moving averages of 50 and 200 days are currently placed above the price, which indicates a bearish trend shortly.
Additionally, the daily chart shows a bearish crossover of both lines, which adds confirmation to a potential downward trend continuation.
Currently, the RSI line is 36.60 points, and the SMA line is at 38.28 points. Both lines have withdrawn below the mean line, indicating that selling pressure dominates the market.
Conclusion
Kava cryptocurrency has experienced a significant drop in price by almost 30% in the last couple of weeks due to selling pressure in Kava and weakening in broader crypto markets. Investors are concerned about whether Kava will rebound or continue to decline. The daily chart shows a sharp decline after the breakdown of the lower boundary of the symmetrical triangle pattern, and technical indicators suggest a bearish trend shortly.
Also, The weighted sentiment curve has fallen below the zero line, and the RSI and SMA lines indicate that selling pressure dominates the market. Currently, the crypto faces significant selling pressure and shows no signs of recovery. It may continue to erode until buyers dominate near the lower levels.
Technical levels:
- Support levels: $0.63 and $0.56
- Resistance levels: $0.77 and $0.90
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.