- After hitting its all-time low, the token has been in uptrend.
On January 3, this year, KAVA hit its all-time low. Subsequently, it began to create higher highs and higher lows, showing that it had gained a bullish moment and had entered an uptrend.
KAVA on daily chart
The horizontal line on the daily chart indicates that price has repeatedly resisted at these levels. If the horizontal line is broken, we can expect a bullish rise to the next nearby resistance i.e. $1.5528. Additionally, the chart does not exhibit any strong patterns that may be seen as additional assistance for a bullish rise.
MACD – A bullish cross has been made by the MACD. The MACD’s bullish crossover indicates a rising trend on the KAVA daily chart.
Relative Strength Index (RSI) – The relative strength indicator shows that the RSI curve has crossed the 50-point mark at 78.93. (RSI). The value of the RSI curve has increased due to the increase in token values. The RSI curve may rise dramatically if the price rises even further.
Analyst view and Expectations
For short-term investors, a strong consolidation at current levels followed by a breakout would be a great signal to invest in the token. This is because during the consolidation, all of the buyers who had purchased at lower prices must have sold their holdings, and if a breakout takes place, new buyers will enter the market, driving the price up sharply.
According to a short-term kava price forecast by CoinCodex for 2023, the coin might be worth $0.809655 by February 5. Despite this, the technical analysis of the website was bearish, with 15 indicators producing bearish signals as opposed to 13 producing positive ones.
In its latest cryptocurrency price forecast, DigitalCoinPrice was a little more upbeat, estimating that the token might average $1.39 in 2023. The site predicted that the price of the cryptocurrency will increase to $2.34 in 2025, then to $3.53 in 2028, before ending with a prediction of $6.83 for the price of kava in 2030.
CaptainAltCoin predicted that the price of the kava token would fall to $0.4118 by March 2023 before perhaps rising to $0.7806 in January 2024. The website then forecast the price of kava for 2025, estimating that the token may sell for $1.21.
Technical Levels
Major resistance -$2.7273
Major support -$0.6236
Conclusion
For short-term investors, the token appears to be a wonderful opportunity; but, for long-term investors, it does not. Thus, they should refrain from buying the token at the current values.
Disclaimer: The views represented in this article, as well as any other views mentioned, are offered for informative reasons only and shouldn’t be interpreted as financial advice. When purchasing or trading cryptocurrencies, there is a chance that you could lose money.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
