Kava crypto price is up by 3 per cent in today’s trading session, making it the 5th of the last six trading sessions to gain in the markets. However, the current bullish trend has seen the crypto rise by 30 per cent in the past six days, indicating a possible price reversal.
The current bullish trend in Kava is consistent with what we’ve seen in the cryptocurrency industry over the last week. The industry is on the recovery after weeks of an aggressive bearish trend that saw the total market capitalization drop to below $1 trillion. Today, the cryptocurrency industry is up by 5 per cent, with top cryptocurrencies such as Ethereum and Binance’s BNB recording price surges of over 10 per cent.
The Kava recovery may also be a result of its low-risk rating, whereby big moves in cryptocurrencies are not easy to manipulate. Therefore, each big move has to have a lot of dollars flowing in or out of the project. Such a rating gives investors confidence that the markets cannot be manipulated, which can cause their investments to drop. As investors start to return to trading the cryptocurrency markets following the recent cryptocurrency crash, they have confidence in Kava that it will not have the same fate as projects such as Luna and UST.
My Kava price prediction expects the current upward trend to continue in the next few trading sessions. As a result, there is a high likelihood that we will see the prices trading above the $2 price level. With the current momentum, Kava is also in a likely bullish reversal.
This means that there is a high likelihood that the current bullish trend will last for more than a week. We may also see the prices hit the $2.8 resistance level in the next few trading sessions.
My bullish analysis will only be invalidated if the prices trade below the $1.45 support level. At that point, the bearish trend will have been confirmed.
This post was last modified on Jun 24, 2022, 16:17 BST 16:17