Investors are seeking buying opportunities amid the tumultuous crypto market. Due to the narrow trading range of Bitcoin and Ethereum, speculators are shifting to bullish altcoins. Despite selling pressure in the market, the steadily rising price of KAVA is luring traders who are willing to make short-term upside trades.
KAVA blockchain’s native token just completed a higher low price formation above an ascending trend line. From a monthly low of $0.667, the price of KAVA has risen about 30% in the last three days. Meanwhile, its market capitalization this week reached a 10-day high of $450 million.
The latest development is fueling the bullish momentum in KAVA crypto. Only one week left for the KAVA 13 upgrade that will merge the speed and interoperability of Cosmos with the developer power of Ethereum.
KAVA Bulls finally broke out the long-term Resistance
Regardless of current crypto market sentiments, bulls are aggressively pursuing the positive trend with the KAVA coin. With over 23.4% weekly price increase, the bulls have pushed the Kava price over the long-term resistance trendline. The bulls ended the daily price candle at $0.887 last night, resulting in a favorable price shift today.
While the price of Bitcoin is under pressure, the price of KAVA is rising this week. The correlation Coefficient (CC) indicator is in the -0.21 territory, indicating a negative relationship between KAVA and Bitcoin, implying that KAVA investors are unconcerned about a dip in the price of Bitcoin.
Following a 10.6% increase the previous night, the KAVA price traded bullish with a 1.01% gain in the intraday trading session at $0.8982 currently, according to CoinMarketCap. The bulls are now going for the conceptual round level of $1.0 to kick off the forthcoming bull run.
Trading Volume Displays congestion of trades
Based on Santiment data, there has been a significant accumulation of Kava coins in the last 3 days, as per trading volume indicators. In May, Kava witnessed the highest trading activity in the last few months. Trading volume reached around $249 million in the previous 24 hours, an almost 16% increase.
The KAVA coin is currently being pushed up by the bulls and is trading above the 50 and 100 days simple moving average. Historically, the 200-SMA has served as a strong resistance level, and bulls are presently on the verge of breaking over this barrier. The market is currently observing to see if the bulls can sustain their momentum and push the price of KAVA over the 200-day simple moving average.
After reversing from the oversold zone, the Relative Strength Index (RSI) has entered the 61 range. With the continuous upward trend, this is an optimistic indication for buyers who want to stick with the KAVA coin.
Also read: Bitcoin SV (BSV) Sees 45% Jump After Hitting New All-Time Low
