KAVAUSDT Short Bearish Will Go deeperKAVA price failed to break out during the weekend but is still trading inside a long-term bullish pattern.
The crypto market had a bullish performance last week. However, a short-term bearish reversal began near the end of the week and continued during the weekend.
The KAVA price has increased alongside an ascending support line since the beginning of the year. More recently, it bounced at the line on June 15 and began a sharp rally.
While KAVA reached a high of $1.28 on June 25, it failed to close above the $1.15 horizontal resistance area. Rather, it created a long upper wick (red icon) and fell. These wicks are considered signs of selling pressure since buyers could not sustain the price increase.
Despite the drop, the $115 area and the ascending support line together create an ascending triangle. This is considered a bullish pattern. So, a breakout down from it is the most likely scenario.
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