Polkadot (DOT) and KAVA Protocol Technical Analysis: What to Expect?
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Polkadot (DOT) and KAVA Protocol Technical Analysis: What to Expect?

May 15, 2021      Dalmas Ngetich

KAVA hints of weakness, struggling inside May 12 bear bar. On the other hand, Polkadot is vibrant, and DOT/USDT may tear higher towards $65.

Polkadot (DOT)

This is an interoperable, multi-chain Sharding protocol using DOT as its main currency.

Past Performance of DOT

According to trackers, DOT is in an uptrend, and buyers are fully in control.

Trading at $46, the coin is within a $9 range zone after open, trading within $40 and $49.

However, a marker of confidence for bulls is the increasing trading volumes on the last day, rising to $6.6 billion.

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Day-Ahead and What to Expect

From the daily chart, DOT/USDT technical analysis indicates the possibility of another leg up.

There has been confirmation of confidence of the last half of this week following May 14 gains.

Because of these gains, DOT prices are trading at new 2021 highs.

DOT/USDT Technical Analysis

Polkadot Price Daily Chart for May 15

DOT/USDT bulls are in the driving seat in a bullish breakout pattern.

The close above April 2021 highs with rising volumes give bulls momentum to print higher.

From DOT/USDT price action, every low above $40—or May 14 trade range—may be a loading opportunity for traders.

The first target is $65—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

Kava Protocol

The Kava Protocol is a cross-chain lending and borrowing protocol. KAVA is its main currency.

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Past Performance of KAVA

Buyers might be ecstatic. However, KAVA trading volumes are drying up.

Down 24 percent to $47.7 million on the last trading day, KAVA bulls are struggling to unwind losses of May 12.

Still, at spot rates, KAVA prices are up roughly three percent against BTC and USD.

Day-Ahead and What to Expect

KAVA prices are still within the April trade range, soaking sell pressure as KAVA/USDT technical analysis reveals.

Immediate resistance and support levels are within May 12 trade range.

Therefore, as KAVA/USDT prices broadly range, the surge to $7.5 or better depends on the reaction at around $6.5.

KAVA/USDT Technical Analysis

KAVA Price Daily Chart for May 15

After peaking in April 2021, KAVA prices contracted 50 percent bottoming up from around $4.

A high-volume breakout above $7.5 opens KAVA to $11 in the medium term.

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On the flip side, steep losses below $5 may see prices crumble towards $4.

Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.