Kava.io, a DeFi focused project, showcased an eye-catching rally since the beginning of the current trading month. KAVA price maintained a decent uptrend since the start of 2021 and after multiple attempts smashed the highs around $7.16.
Despite a steep pullback which occurred in the mid of may, the price recovered in no time. However, the bullish momentum is expected to strengthen much more to test the above resistance levels in the coming days.
With a huge influx of the volume in the past couple of hours, the price was able to hit the initial target at $5. According to a tracking platform Volume Alerts, KAVA/BTC pair was traded 99 times more than the normal volume.
Transfer of wealth from Bitcoin to any other altcoin is seen with various other projects as well. Yet the value of BTC is not drowning as speculated despite most of the altcoins rally with big margins. And hence a completely new trend of Altcoin season can be witnessed as the Alts swell with BTC price.
KAVA Price Analysis
Kava registered a huge spike in its price as well as volume and hence became one of the best performing DeFi assets along with KNC and CRV. The price remained highly volatile since the beginning of 2021 and despite steep plunges was able to recover in no time.
KAVA price had earlier registered its highs around $7, but with the bitcoin price slash the entire market dipped mercilessly. In the due course, KAVA price also dipped close to $2.5 from its ATH and initiated recovery soon.
The price successfully broke the neckline of the ‘W-Shaped’ pattern in the daily chart at $5.1 and heading strongly towards the next set target.However, the next resistance levels appears to be on the way around $7 and on smashing those levels, the price may eventually land up in the discovery phase.
At the time of writing, the price is $5.18 with a huge jump of 34.92% in the past 24 hours. The trading volume surged like a giant of nearly 164.96% registering more than $450 million. Currently, the prime focus would be sustain strong at the current levels eliminating the probability of any dips.
The resistance levels are at $7.15The support levels are at $3.03The indicators point out at a strong buy signal