The Kava price has risen in the past six days as demand for the coin rises. It has risen to the highest level since January 18th. The current price at $5.53 is about 115% above the lowest level this year, bringing its total market cap to over $996 million. Other altcoins that are doing equally well are Oasis Network, Kyber Network, and Synapse.
Kava is a small but fast-growing blockchain network that combines the strong attributes of Ethereum and Cosmos. Ethereum brings the flexibility and speed of smart and interoperability of the Cosmos SDK. All these are bound together by the Tendermint consensus engine. As a result, investors believe that the network could become a default for most developers.
In March this year, the developers launched a $750 million developer incentive program. This happened after they initiated the Kava 10 upgrade. According to DeFi Llama, Kava has a total value locked of over $632 million. Most of this TVL is from Kava, followed by Kava Lend and Kava Swap.
The daily chart shows that the Kava price has been in a strong bullish trend in the past few days. It has managed to move above the descending trendline shown in green. Also, it has jumped above the 50% Fibonacci retracement level. The coin has also risen above the 25-day and 50-day moving averages, while the Stochastic Oscillator has moved above the overbought level. Finally, the coin has also passed the important resistance level at $5.03.
Therefore, the path of the least resistance for the Kava crypto is to the upside. If this happens, the next key resistance level to watch will be at $6. A move above that resistance will see it rise to the resistance level at $7. A drop below the support at $5 will invalidate the bullish view.
This post was last modified on Apr 26, 2022, 08:07 BST 08:07