Although the Kava Crypto price is losing in today’s trading session, I expect the prices to recover. The current drop in price is also not long-term. The current positive Kava news cycle and technical analysis indicate the crypto Bullish move is poised to continue.
The latest fundamentals on the Kava Network indicates the company is planning for the future. This includes the recent announcement of the addition of EVM support. The reports indicate that Kava had successfully launched the alpha release of the Ethereum co-chain. The co-chain will see the platform add EVM developer support to the network.
This will enable developers and dApps from the Ethereum ecosystem to build and deploy on the platform. The co-chain will also allow over 15 protocols to be deployed to the closed testnet of the Ethereum co-chain as part of the Kava Pioneer Program.
The Kava platform is also one of the best platforms for users looking to borrow in a decentralized platform. The platform also combines the two most used permissionless ecosystems, Ethereum and Cosmos, into a single scalable network, improving user experience and transaction speeds.
Kava Crypto Price Analysis
Kava Crypto price has traded in today’s session with no volatility, losing less than a percentage point of its value. The chart below shows that the cryptocurrency is trading within a support and resistance market structure. We also notice the prices have recently hit the $3.8 resistance level.
Looking at the daily chart below, the expectation is the prices will continue dropping and hit the support level of $2.96, as shown in the chart. However, I have a different take on my Kava Crypto price analysis. I expect the prices to recover from today’s drop and rise towards the $3.89 resistance level. I also expect the prices to break out of the support and resistance level. This means there is a possibility that the prices will be trading at above $40 in the next couple of days.