Layer-1 (L1) coin KAVA emerged because the market’s high gainer on Friday, defying the broader downturn to publish features over the previous 24 hours. Whereas most cryptocurrencies have struggled inside a slender vary in latest weeks, KAVA has surged, setting itself other than the pack.
Now buying and selling at a 30-day excessive, the altcoin exhibits robust bullish momentum and may very well be gearing up for much more upside.
KAVA Defies Market Downtrend, Surges to 30-Day Excessive
KAVA is up 7% over the previous day. It trades at a 30-day excessive of $0.55, bucking the overall market decline to file 21% features over the previous month. With a strengthening bullish bias, the L1 coin eyes extra features.
On the KAVA/USD one-day chart, the coin’s Aroon Up Line is at 100%, confirming the energy of its present uptrend.
The indicator measures the energy of an asset’s worth tendencies. It consists of two strains: Aroon Up, which tracks the time for the reason that highest excessive, and Aroon Down, which tracks the time for the reason that lowest low.
When the Aroon Up line is at 100% or close to it, the asset has lately hit a brand new excessive and is in a robust uptrend. That is true of KAVA, which trades at its highest worth in 30 days. It displays the robust bullish momentum within the coin’s spot markets, indicating that patrons are in management and its worth might proceed rising.
Additional, the coin’s Transferring Common Convergence Divergence (MACD) setup confirms this bullish outlook. At press time, KAVA’s MACD line (blue) rests above its sign line (orange).
The MACD indicator measures the energy and path of an asset’s momentum. It helps merchants determine potential development reversals and momentum shifts.
When the MACD line is above the sign line, it’s a bullish sign, usually interpreted by merchants as a purchase sign.
KAVA’s Uptrend Stays Intact, Eyeing a Three-Month Excessive at $0.74
KAVA has traded inside an ascending parallel channel since March 10. This bullish sample is fashioned when an asset’s worth strikes between two upward-sloping parallel trendlines, indicating a sustained uptrend.
It indicators constant larger highs and better lows, exhibiting robust bullish strain as KAVA patrons dominate the market. If this continues, the coin’s worth might break previous resistance at $0.58 and climb towards a three-month excessive of $0.74.
However, if shopping for exercise weakens, KAVA might shed its latest features and fall to $0.48.
Disclaimer
In step with the Belief Challenge tips, this worth evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to vary with out discover. At all times conduct your individual analysis and seek the advice of with an expert earlier than making any monetary choices. Please word that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.