In the last Kava (KAVA) price prediction article, we anticipated the DeFi coin to continue its (by then) impressive uptrend if the price breaks above the level at $4.53 on the back of the rising volume, but also advised against making rash decisions and going long on KAVA at that instant - and also suggested placing a stop-loss near $3.78.
Then the September dump happened that had totally negated the efforts on the part of the buyers to keep the uptrend going. Consequently, KAVA dropped by a massive 56% in as little as six days after being rejected right at the point of anticipated breakout, thus saving traders who heeded our advice from being left holding the bag, especially if they had the designated stop-loss in place.
Now, the bears are close to bringing KAVA down to $1.38, the point from which the previous rally had been launched, hence finalizing a complete U-turn. This steep correction might be frustrating for those who were reluctant to sell when the price began to capitulate, but it also presents lucrative opportunities for those outside the market since Kava could be approaching the point of reversal that might emerge near the said support at $1.41 that has previously served as a multi-month resistance, thus being the area of frequent price interaction.
1-week KAVA/USDT chart
The weekly chart clearly demonstrates the importance of $1.38 for the overall market structure, so rest assured that it will have an impact on the price action. There is very little chance for KAVA to make an immediate bounce to the upside, especially with Bitcoin (BTC) - and its dominance against altcoins - being on the rise. Besides, the 14-period RSI currently shows that the momentum is on the sellers’ side, so further price drop appears to be unavertable.
Therefore, we have two probable scenarios shaping up, the first one implying that KAVA would go into a prolonged consolidation with the probable range being established between $1,38 and $2 (the support level that held throughout September and the first part of October), or $1.73 (the interim resistance that had been reached with lower wicks). If that scenario is to play out, those would be the price targets for range trading.
The second scenario, obviously, provides for an immediate reversal upon bouncing off the support, with the breakout point being set at $2. For that to happen, the RSI has to push off the support at 40 in order to maintain the uptrend and confirm that the momentum will have shifted.
1-day KAVA/USDT chart
If you are in for more immediate price action, consider trading inside the descending triangle, formed by the price action that began to take shape immediately after the September drop. We reckon that KAVA might have one more push to the upside before it gets pressurized to $1.38 and starts consolidating. Our expectation of a quick spike to the upside - to $2.48 or $2.52, to be precise - is supported by Stochastic that is down in the oversold area, close to making a bull cross. But despite the immediate opportunity to the upside, our mid-term expectation with regard to KAVA is moderately bearish.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 80.4% | 27 | $64 155.50 | 2.73% | -5.06% | $1 263 066 455 009 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 74.4% | 45 | $3 062.08 | 2.00% | -6.04% | $367 670 741 455 | ||
3 | USDT | Tether predictions | 96% | 1 | $1.000437 | -0.01% | 0.02% | $109 517 365 626 | ||
4 | BNB | Binance Coin predictions | 84.8% | 18 | $559.80 | 2.68% | -5.64% | $83 709 375 883 | ||
5 | SOL | Solana predictions | 73.6% | 51 | $144.14 | 3.48% | -6.58% | $64 402 586 048 | ||
6 | USDC | USD Coin predictions | 92% | 2 | $1.000003 | -0.01% | 0% | $33 903 068 496 | ||
7 | XRP | XRP predictions | 71.2% | 58 | $0.512182 | 4.63% | -6.51% | $28 236 143 262 | ||
8 | DOGE | Dogecoin predictions | 72% | 60 | $0.156630 | 5.33% | -10.03% | $22 548 280 909 | ||
9 | TON | Toncoin predictions | 70% | 64 | $6.11 | -9.85% | -10.45% | $21 207 802 773 | ||
10 | ADA | Cardano predictions | 72% | 60 | $0.482345 | 7.87% | -5.22% | $17 183 386 742 | ||
11 | SHIB | SHIBA INU predictions | 61.6% | 85 | $0.000023 | 5.13% | -5.50% | $13 666 465 959 | ||
12 | AVAX | Avalanche predictions | 71.2% | 60 | $35.77 | 5.13% | -7.82% | $13 520 909 779 | ||
13 | STETH | Lido stETH predictions | 95.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WBTC | Wrapped Bitcoin predictions | 81.2% | 31 | $64 102.16 | 2.66% | -5.19% | $9 960 432 922 | ||
15 | DOT | Polkadot predictions | 68.4% | 57 | $6.77 | 3.06% | -6.72% | $9 724 497 698 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2024 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.