KAVA Technical Analysis - Trendline Breakout Eyes $6 Mark

KAVA, the native of Kava Network, is a Layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum.  The Ethereum co-chain enables support for EVM smart contracts, while the Cosmos co-chain enables the lightning-fast Tendermint consensus engine.

Starting with the preliminary price data, let’s see what the token price holds today!

$4.69 at 5:00 GMT, a sharp fall of 6.17% in the last 24 hours, reflects a BOOM in selling!

Presuming the downtrend continues, and we see selling continuing in the upcoming sessions, the price could break under $4.

Moving ahead to the other details, the intraday trading volume is almost $278 Mn, and the live market cap of $829.5 Mn. So, the figures are not precisely top-tier, but the coin remains on the Top100 list. 

KAVA coin price action displays a remarkable reversal from $5 yesterday as the bears undermined the trendline breakout. It is evident by the long-wick formation we see in yesterday’s candle and accounts for the downfall in the last 24 hours.

Let us take a more in-depth look into the technical analysis of the KAVA token and see what the price action and the technical indicators say about it.