KAVA PRICE ANALYSIS & PREDICTION (March 21) – Kava Breaks Out of Resistance Line Following a 12% Jump in a Week
Kava has been in a correction for months, but it is changing trend following a recent breakout of a key resistance line. On the daily chart, it looks bullish while slowly shifting trends.
Last week marked a little relief in bearish for Kava as the price bounced off $0.38 with a surge. This led to a steady increase and the price tested a short-term falling resistance line at $0.51. Closing that week under this level due to a rejection, the buying pressure stopped and it retraced a bit.
Volatility increased this week and the crypto pushed back but later found it difficult to break through following another rejection. This activated a pullback on Tuesday and the price climbed back the following day.
Despite the multiple rejections, the price significantly broke through this falling resistance line yesterday after several failed attempts. It has lost steam in the past hours after almost tapping $0.58 today. A further surge in volatility should bring more growth in the coming days.
While Kava is now on the bulls’ radar for two almost weeks, it is important to keep in mind a potential retest, especially on the recently broken resistance line. Once that happens with a bounce back, we can expect more rallies to the upside.
KAVA’s Key Levels To Watch
For a pullback, the $0.51 level is the closest retest point to watch on the daily chart. Failure to bounce back could trigger more dips to $0.466 while the $0.38 level stands as support.
The $0.624 level is an immediate resistance to watch for a test. If the price climbs higher, it may encounter resistance at $0.68 before retaking last December’s $0.75 high – where the price started to fall.
Key Resistance Levels: $0.624, $0.68, $0.75
Key Support Levels: $0.51, $0.46, $0.38
- Spot Price: $0.55
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
