Updated: Jul 28, 2021
The first 6 months of Kava were uneventful before initiating its upward trend in March of 2020. Many companies have since integrated with Kava's DeFi platform to allow their users to lend, invest, and earn with crypto.
March to August 2020 was its first push upward from under 50cents to over $5.
After falling back to $1.50, Dec 20' to April 21' was Kava's next ATH push all the way to $8. Then it began this recent journey back.
In spite of KAVA holders being offered bountiful staking rewards to the tune of 20% APR on Kraken, since April we've had a steady downtrend of Lower highs on the top that are now consolidating with Higher highs on the bottom indicating a stronghold of buyers to contest.
KAVA broke the initial downward pressure (green) earlier this month (July 21'), and is in the midst of the final level of resistance on the top side being tested (top blue). I might expect a decisive move by the beginning of August to end this consolidation and tell us if this upward pressure from the bottom is as strong as it appears. If the buyers (bottom blue) can hold and power through this resistance to stay above the $3.5-$5 range through the end of July, then we might anticipate a bull run from Kava through August.
If instead KAVA pushes downward through the first level of buyers (bottom blue), then I would anticipate the next level of resistance (red) to become a floor around the $2 mark. If i were leaving a limit order i might look somewhere down at $2-2.5 as a best-case scenario for a Long position; although KAVA might only fall as low as $3.50 if the recent stampede of bulls powers through.
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