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Huobi x CoinMarketCal, A Coin To Keep An Eye On — KAVA!

🔹What is KAVA?

Kava utilizes Cosmos and operates with a Tendermint-based Proof-of-Stake (PoS) consensus mechanism. At its core, Kava relies on a system similar to MakerDAO with CDPs but leverages the zones from Cosmos to add cryptocurrencies running on independent networks (e.g., XRP, Bitcoin).

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📈 Analysis

KAVA | USDT — 1 D — 1:25:04 EST

KAVA’s 161% February run retraced almost to its origin, narrowly missing probable support near $2.585 before bears swatted down the bounce near resistance around $4.3276.

With the daily gap between $2.526 and $2.925 almost filled in a single wick, the price may not need to revisit areas below this level. However, the safer entry is still in probable support between $2.585 and $2.291, which would also sweep the lows of last week’s bounce.

The relatively equal highs near $4.328 provide a likely first target on lower timeframes. However, the resistance beginning at $4.328 may initially suppress a further move up.

A clean break through this resistance will need to contend with the next resistance near $5.096, under the last swing high. This swing high at $5.586 gives a reasonable take-profit area before a possible move to the 1.0 extension near $9.460.

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Risk Reminder:

1. Trading in digital assets comes with high risks due to huge price fluctuations. Users should be fully aware of the risks associated with digital asset trading and make prudent trading decisions.

2. Huobi Global’s announcements and information do not constitute investment advice, and Huobi will not bear responsibility or provide compensation for direct or indirect losses arising from trading decisions whilst relying on this information.

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