The month of May saw Kava Crypto price drop by 66 per cent before the recent price gains pulled back some of the losses. Today, the monthly price decline for Kava Crypto stands at 46 per cent. Like other cryptocurrencies, this year’s drop in Kava crypto prices has been majorly due to market forces beyond its control.
This includes the May cryptocurrency crash resulting from the UST and Luna cryptocurrency collapse. The crash caused panic throughout the cryptocurrency industry and resulted in many investors going into a sell-off frenzy to safeguard their assets.
Kava Crypto Price Prediction
Kava prices have dropped by a percentage point in today’s trading session. The cryptocurrency has also faced a 33 per cent decline in trading volume in the past 24 hours, with the current value of transactions reducing to $37 million.
Kava Crypto prices have traded downward within a descending channel for the past few months. However, starting from April 29th, when the prices pushed above the channel’s upper trendline, the Kava started an aggressive bearish move that saw the prices drop by 74 per cent in about two weeks. The result of this drop was due to an industry-wide cryptocurrency crash that affected almost all other cryptos.
Since then, the prices have been pushing upwards, and in a five-day rally that started on May-12, the price of Kava Crypto doubled. However, the past few days have seen a price correction that has resulted in a loss of 18 per cent. This has brought the Kava Crypto price to trade at $2.4.
My Kava Crypto price prediction, taking into account recent price action, expects a reversal to the upside from today’s session price drop. There is a high likelihood that the prices will be trading above the recently set resistance level of $2.88. Depending on volatility, it is possible we will see Kava trading above $3.
However, if the prices close today’s trading session below the $2.20 price level, then my trade analysis will be invalidated. It is will mean the prices have resumed their long-term bearish move.