Bitcoin
BTC$61 243.77

1.02%

Ethereum
ETH$4 109.03

4.38%

Binance Coin
BNB$481.29

0.25%

Cardano
ADA$2.15

0.11%

Tether
USDT$1.000556

0.09%

Solana
SOL$195.86

-3.60%

Kava (KAVA): A Young Coin With Good Trading Potential


Presently, Bitcoin and other well-established cryptocurrencies maintain a semblance of price activity. In reality, they have bumped into the unbreachable ceiling - in the case of Bitcoin, it’s $7400 - and seem to be waiting for the bears to come and push them down a notch. In this dull environment, traders should devote some of their precious time to discovering and studying young coins that could provide sizable benefits in the future.

Certainly, one shouldn’t expect immediate profits from cryptocurrencies like Kava (KAVA), not until the coronavirus pandemic wears off, and the gears of the global economy will start churning again, giving both traditional and cryptocurrency markets a much-needed impetus. But a foresighted trader must supplement his portfolio with coins that hold good upside potential, such as Kava.

Fundamentals and growth prospects


KAVA is a cryptocurrency that fuels a blockchain platform for Decentralized Finance (DeFi), particularly collateralized loans, decentralized leverage, and financial operations with other cryptographic assets, such as Bitcoin, Cosmos, and Ripple. It also acts as a staking asset on the Customer Data Platform (CDP), and grants voting rights to the holders. Therefore, KAVA should be a good addition to the trading portfolio of those who are focused on the DeFi-related cryptocurrencies.

As already mentioned, Kava is a relatively young cryptocurrency that was first listed on major exchange platforms in October 2019. It means that the price of this coin hasn’t yet been influenced by the hype that accompanies bull rallies in this market as it had a relatively stable and accurate price flow since the time of its listing until the market’s nose-down pitch in mid-March.

1-week KAVA/USDT chart

After the initial price burst, which usually happens when coins become tradable, KAVA had found its place inside a horizontal channel between $0.94 and $1.2. By the way, it was the time when Kava reached the all-time high at $1.61 on Binance and $1.43 across other exchanges. Even though the 144th currency went through its first market crash, it pulled away from that price level only by 63%.

As of writing, KAVA is priced at $0.54, while the market capitalization remains at a stable level of $19 million. Its average daily trading volume of $12 million is quite high for a currency that is ranked 144th - probably because the largest trading activity takes place on Binance. After the crash, we see an increase in bullish volume and a weak reaction to the high bearish one, which leads us to the conclusion that KAVA can easily be pushed to $0.8 in the next four to six weeks. Before June, the price could test the previous support - now resistance - at $0.94, but the success of that endeavor will depend on the general situation in the cryptocurrency market. 

KAVA’s mid-term prospects


KAVA is probably one of those cryptocurrencies that can be recommended for nascent traders since it is quite predictable and rarely makes any overly volatile moves, except for the force majeure circumstances that occurred last month. Right now, Kava is rocking the waves of a minor uptrend that is developing on the foundation of the growing trading volume.

1-day KAVA/USDT chart

Given that Stochastic, which usually provides reliable signals in this market, has crossed to the upside, and the price is squeezed between Bollinger Bands, there is a high probability that in the next five to seven days, KAVA will reach the upper line of the ascending channel with the price target being $0.69. Another sell signal will be Stochastic hitting the resistance at 65 and reversing to the downside.

Author: Alex Paulson for Crypto-Rating.com

Related

Kava (KAVA): A Huge Correction After Failed Breakout
Kava (KAVA): A Huge Correction After Failed Breakout
KAVA: Another Upswing or a Deeper Pullback
KAVA: Another Upswing or a Deeper Pullback
Kava: On the Brink of Making All-Time High
Kava: On the Brink of Making All-Time High

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 243.77 1.02% 1.11% $1 154 572 840 442 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 57 $4 109.03 4.38% 6.19% $485 054 173 428 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 60 $481.29 0.25% 3.23% $80 279 625 910 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 92% 12 $2.15 0.11% -1.89% $70 787 881 107 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 91.6% 1 $1.000556 0.09% 0.06% $69 612 761 722 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 74.4% 54 $195.86 -3.60% 23.35% $58 918 167 005 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76% 52 $1.088407 0.20% -5.19% $51 096 748 647 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 62.4% 79 $43.63 -0.29% 3.79% $43 086 190 756 DOT 7 days price change
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10 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000865 0.09% 0.09% $32 551 622 838 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 66.8% 65 $42.68 -0.63% 15.43% $17 137 911 904 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 73.6% 48 $26.59 3.60% -2.02% $16 261 823 078 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 65 $65.13 -0.86% 8.98% $14 346 523 240 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 76.4% 47 $30.61 7.77% 9.88% $14 113 775 739 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 64% 75 $61 285.05 0.88% 1.17% $13 592 575 892 WBTC 7 days price change

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