Thursday, June 13, 2024

KAVA Holds In Green Despite Bears Taking Control Of Crypto Market 

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The cryptocurrency market has been volatile in the last day, with prices often experiencing significant fluctuations. However, while the market plummets, KAVA coin managed to defy the trend by surging 10% in a single day between June 5 and the early hours of June 6.

As of the time of writing, KAVA still shows massive network activities as the trading volume depicts a gain of 320% in 24 hours. The significant surge in KAVA’s trading volume and market cap suggests heightened investor interest and potential market growth.

Even though the price has witness a decrease in momentum, KAVA still holds most of its gains from the early hour’s spike, standing at $1.07. 

Analyzing KAVA Coin’s Gains Amidst a Turbulent Cryptocurrency Market

KAVA is a prominent cryptocurrency known for its unique features and use cases. It operates on its blockchain platform, offering decentralized finance (DeFi) solutions such as lending, borrowing, and staking.

Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode

The recent surge in KAVA Total Value Locked (TVL) can be contributing to the price increase of KAVA. According to data from DeFi Llama, the TVL of Kava is at $66.12 million, representing an increase of 9.34% within the last 24 hours.

The increase in TVL also suggests that more investors are depositing their assets into the protocol, either for staking, lending, borrowing, or other purposes. This influx of capital demonstrates confidence in the platform’s functionality, security, and potential returns.

KAVAUSD price chart
KAVA’s price currently hovers at $1.074 in the daily chart. | Source: KAVAUSD price chart from TradingView.com

The Bollinger Bands And RSI Signals Bullish Momentum

Currently, KAVA/USDT is trading above the middle part of the Bollinger Bands and has an RSI reading of 60.68; it suggests that the asset’s price is trending upwards, and there may be a bullish momentum. This also contributes to the bullish momentum present in the KAVA market.

Kava, valued at $1.128, exhibits several support and resistance levels. The support levels for Kava are as follows: $0.949, $0.832, and the strongest support at $0.655. Conversely, Kava’s resistance levels are $1.152, $1.623, and $1.894. 

These levels indicate price points where Kava’s value may encounter barriers in either upward or downward movements. Traders and investors can utilize these levels to assess potential entry or exit points based on Kava’s price action and the market’s overall sentiment.

Global Crypto Market Performance

The global crypto market cap is $1.09 trillion, reflecting a 3.46% decrease in the past 24 hours. Meanwhile, the total crypto market volume has surged by 70.51% to reach $45.89 billion during the same period. 

Within the market, decentralized finance (DeFi) volume stands at $3.36 billion, accounting for 7.33% of the total 24-hour volume. Additionally, stablecoins contribute a significant portion, with a volume of $43.27 billion, representing 94.29% of the total market volume.

Bitcoin’s dominance currently stands at 45.76%, experiencing a slight 0.06% decrease throughout the day.

Featured image from Pixabay and chart from TradingView.com

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