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Vikram
May 20, 2022
by Vikram

KAVA Technical Analysis: Will A Bullish Flag Pattern Reverse Downtrend?

KAVA
KAVA price action shows a bullish flag formation in the 4-hour chart, increasing the chances of a trend reversal if buyers manage a breakout.

Key technical points:

  • KAVA prices have increased by 8.04% in the last 24 hours.

  • The VI lines give a crossover indicating a bullish trend reversal.

  • The 24-hour trading volume of KAVA is $105 Million, reflecting a 176% rise. 

    • Past Performance of KAVA

    KAVA prices started to spiral down uncontrollably after retesting the $3 breakout resulting in a fatal fall of 55% to $1.35. Being a high-demand zone, the support level skyrocketed the market value by 81% to reach $2.75. However, the resurgence of sellers forms a consolidation zone with a double bottom pattern at $2.25. 

    TradingView Chart

    KAVA Technical Analysis 

    KAVA Price action struggles to surpass the 50 EMA as it provides dynamic resistance to keep the bullish growth in check. Hence, the EMA breakout will increase the resistance trendline breakout chances. 

    Falling in a bearish alignment, the crucial EMAs reflect a solid downtrend in action, with the 50 EMA being a critical bearish spot. 

    The RSI slope manages to ascend above the halfway line only to form a sideways trend, with the 14-day SMA mimicking the same. This represents a bullish upper hand in trend control and adds points to the bullish breakout ideology.

    The Vortex indicator shows a bullish crossover indicating a trend reversal. However, the lack of bullish spread between VI lines increases the chances of fallout. 

    In short, the KAVA technical analysis forecasts a bullish breakout rally surpassing the $3 mark.

    Upcoming Trend

    If the KAVA prices manage to surpass the 50 EMA, it will ensure a double bottom breakout leading to the flag breakout. In short, the EMA breakout will start a domino effect of bullish breakouts, which will eventually reach the $3 mark. 

    Support Levels: $2.25 and $2

    Resistance Levels: $2.65 and $3

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    KAVA Technical Analysis: Will A Bullish Flag Pattern Reverse Downtrend?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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