KAVA Succumbs To Bearish Market Trend, Loses 11% In The Last Day
Following the bearish wave which has swept across the crypto market today, the KAVA token has experienced a significant fall in its market price.
According to data from CoinMarketCap, KAVA is currently down by 10.90%, representing the biggest loss of the day. In general, the total crypto market cap is down by 0.31%, with the market leader, Bitcoin (BTC), losing by 0.46% in the last 24 hours.
This is while prominent tokens, such as Ripple (XRP), Dogecoin (DOGE), and Solana (SOL), have managed to stay afloat, recording no significant gain or loss.
KAVA Price Action And Analysis
KAVA began the week with sideways movement hovering around that $0.94 price region. However, after a slight price dip which saw the token retest at $0.91 on July 10, it embarked on a bullish run reaching as high as $1.02 the next day.
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Following a consolidation at this zone for some hours, the token experienced a significant price boost yesterday, hitting a top price of $1.06. Albeit, since attaining this price level, KAVA has been on a downward trend returning to the price levels seen at the start of the week.
Analyzing its 4-Hour chart, KAVA is currently in a strong consolidation zone, but if the bulls assume control of the market, the token could rise to the $1.06 price region, which has previously served as a strong resistance level.
A sustained bullish momentum that results in the altcoin pushing past this level could lead to a market price in the region of $1.22. That said, if the current selling pressure remains strong, KAVA could drop from its consolidation zone, falling as low as $0.73.
Based on CoinMarketCap data, KAVA is currently trading at $0.94, with a 0.16% gain in the last hour. Meanwhile, the token’s daily volume is down by 16.64% and now stands at $48 million. KAVA ranks as the 70th biggest cryptocurrency with a market cap value of $588 million.
KAVA Records Some Positive Moves Despite Price Movement
Contrary to its negative price movement today, Kava has actually recorded some positive news in the last few days. Just yesterday, its blockchain network launched the Kava 14 mainnet upgrade, which in part likely caused the price hike seen yesterday.
As expected, this latest upgrade introduces a lot of new features, most notably smooth and seamless asset conversion between the Cosmos and Ethereum ecosystems.
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In addition to this network upgrade, KAVA was also recently listed by the Bitfinex cryptocurrency exchange. Launched in 2012, Bitfinex ranks as one of the top exchanges in the world, with a presence in 52 countries worldwide.
Read more: https://www.newsbtc.com/altcoin/kava-succumbs-to-bearish-market-trend-loses-11-in-the-last-day/
Text source: NewsBTC
