TradeCityPro | KAVA: A Dive into DeFi's Cosmos Ecosystem👋 Welcome to TradeCityPro!
In this analysis, I want to discuss the KAVA coin, a notable DeFi platform in the Cosmos ecosystem, which currently ranks 129th with a market cap of $472 million.
📅 Weekly Timeframe
We are witnessing a downward trend in the weekly timeframe, where the price has been moving along a descending trend line, with the most recent bottom recorded at the $0.2872 area.
🔍 Currently, a significant price ceiling has been set at $0.6981, and the price has recently been rejected from the descending trend line, likely moving towards the support floor again.
🔼 The support at $0.2872 is crucial, and if broken, the price could set a new historical bottom. For the trend to turn bullish, confirmation will come after breaking the trend line and surpassing the resistance at $1.1434.
📊 Volume divergence has been observed with the trend for some time now, but this divergence has yet to impact the trend, which continues to persist.
📅 Daily Timeframe
In the daily timeframe, we can observe the price movement in greater detail.
⚡️ As you can see, after reaching $0.7197, a corrective phase began, and currently, at the 0.618 Fibonacci level, a significant support has formed, overlapping with the $0.4118 area, creating a Potential Reversal Zone (PRZ).
✅ If the support at $0.4118 is breached, we might witness the next downward leg of the price, which could extend to the 0.786 Fibonacci level, and in case of increased downward momentum, the next target could be at $0.2925.
🛒 On the other hand, for a long-term long position, you could enter upon breaking the trigger at $0.5577, holding the position towards a target of $0.7179. The main trigger for spot buying is also $0.7179, but it is better to get the spot trigger confirmation from this coin’s Bitcoin pair.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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