KAVA price predictions remain rooted on the bearish end of the spectrum after the KAVA/USDT pair opened lower this Thursday. After three days of modest gains, the pair is down 1.15% and struggling to push off the 1.788 support level.
The 1.788 support now finds itself vulnerable after the recent uptick that took the token from its 1.436 low and peaked at 2.132. The recent selloff seen this week has put the bears in a measure of control, with the near-term price action dependent on whether the bulls can fend off the bearish onslaught.
A lack of intrinsic fundamentals means the price action of KAVA will be dependent on external fundamentals. The release of the FOMC minutes shows that the board of the Federal Reserve has now acknowledged that the current inflation needs more restrictive measures for control, paving the way for new rate hikes. This could be a crypto-negative event that could generate new bearish KAVA price predictions.
KAVA was founded as a potential Terra competitor. It formed a partnership with Sushiswap that saw it receive $14 million from various projects in KAVA and SUSHI tokens as rewards for new users to join the platform. But the onset of the crypto winter appears to have blunted the impact of this investment.
A breakdown of the 1.788 support level opens the door toward the 1.436 support, where recent lows of 12 May and 18 June 2022 are located. Further price deterioration degrades this support, blowing open the pathway toward the 1.195 support (31 December 2020). The 26 December 2020 low at 0.769 is an additional southbound target which enters the mix on a heavier selloff.
On the flip side, a bounce on the 1.788 pivot gives the bulls a chance to aim at 2.132 (28 June low). If the upward march leads to a successful breach of this border, the 11 June high at 2.422 becomes the next target. Additional targets to the north come in at 2.789 and 2.949 (13 March low).
This post was last modified on Jul 07, 2022, 09:49 BST 09:49