Huobi x CoinMarketCal, A Coin To Keep An Eye On — 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).
📅 The upcoming event via coinmarketcal.com!
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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