A bullish reversal in KAVA prices starts after a sharp increase in buying pressure at $1.36, resulting in a jump to $1.75.
Key technical points:
- The market price has appreciated 5.79% over the past five days.
- The price action shows the daily candle struggling to surpass the midline of the Bollinger band.
- The 24-hour trading volume of Kava is $48.79 Million, indicating a hike of 92%.
Past Performance of KAVA
KAVA price action shows a bearish reversal from the $3 after a head and shoulder breakout resulting in a fall under $1.50. The bearish turnaround accounts for a 45% drop in market value leading to a sideways trend above $1.36. However, the improving sentiments drive the prices higher to $1.75, teasing a jump to $2.
KAVA Technical Analysis
KAVA price action shows a higher price rejection candle but the increased trading volume keeps the bullish hope alive. Hence, traders can expect the candle closing above the $1.75 mark as an entry spot. MACD indicator: The fast and slow lines take a positive turnaround resulting in the bullish crossover and restarting the trend to reach the zero line. Moreover, the bullish MACD histograms resurfacing increase the likelihood of a bullish trend. RSI indicator: The RSI slope shows growth in underlying bullishness as the sideways trend above the oversold boundary takes a positive spin. Moreover, the reversal rally surpasses the 14-day SMA and continues the uptrend to achieve the halfway line. In a nutshell, the KAVA technical analysis forecasts a bullish trend as the technical indicators display a surge in buying pressure.
If the daily candle closes above $1.75, KAVA prices will skyrocket above the $2 resistance, and traders can expect the rally to reach $2.25 in the coming days. Resistance Levels: $1.75 and $2 Support Levels: $1.50 and $1