Kava (KAVA) technical analysis:
Trade setup: Kava has traded completely against the market in recent week or two. This is bullish as it shows that there’s demand for the asset regardless of the overall bearish market sentiment. Price bounced off of $0.75 support zone, which held up several times in 2023 as well and broken back above 200-day MA, which is a indication of potential bullish trend reversal. It’s now approaching $1.00 resistance area, which is a big test. If able to break above $1.00, it would confirm a bullish trend reversal.
Trend: Uptrend on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.76, then $0.50. The nearest Resistance Zone is $1.00, then $1.15, and $1.40.
Trade setup: Kava has traded completely against the market in recent week or two. This is bullish as it shows that there’s demand for the asset regardless of the overall bearish market sentiment. Price bounced off of $0.75 support zone, which held up several times in 2023 as well and broken back above 200-day MA, which is a indication of potential bullish trend reversal. It’s now approaching $1.00 resistance area, which is a big test. If able to break above $1.00, it would confirm a bullish trend reversal.
Trend: Uptrend on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.76, then $0.50. The nearest Resistance Zone is $1.00, then $1.15, and $1.40.