Kava seems to be turning a corner now that its co-chain with Ethereum is on beta launch!
Any chance to hop in this bullish trend?
Here are the levels I’m watching on the 4-hour time frame:
Kava is a protocol developing co-chain architecture on the Ethereum and Cosmos networks. Its beta launch on the Ethereum ecosystem has just been announced, propping the coin past the resistance around the $4.0000 mark.
Ethereum Co-Chain Alpha was AMAZING!
Beta is LIVE & already a powerhouse.
— Kava Network (@kava_platform) April 7, 2022
Price hit a roadblock at the next psychological barrier at $5.0000, retreating back to the former resistance zone. This happens to be right smack in line with a newly-forming rising trend line that might keep losses in check.
Also, this area of interest is spanned by the 50% to 61.8% Fibonacci retracement levels, as well as the 200 SMA dynamic support.The faster-moving 100 SMA is above the 200 SMA to confirm that the climb is more likely to carry on than to reverse. The gap between the indicators is widening to reflect strengthening bullish momentum, too!
Lastly, Stochastic is dipping into the oversold region to signal exhaustion among sellers. Turning higher could mean that buyers are ready to take over and push Kava back to the swing high and beyond.
Other factors keeping KAVA/USD supported include the platform’s $750 million developer incentive program that aims to help onboard other projects in DeFi, gaming, and NFTs into the Kava network.
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