• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Kava (KAVA) Price Rallies 10% In 7 days. Here's Why
Sensei Inu Logo

Kava (KAVA) Price Rallies 10% In 7 Days – Here’s Why

Olowoporoku Adeniyi by Olowoporoku Adeniyi
4 months ago
in Altcoin
Reading Time: 2 mins read

KAVA, the native token associated with the Kava platform, has experienced a whirlwind week regarding its price swing. The token, which began the week trading around $1.03, surged to $1.23 on May 23, driven by positive news within its ecosystem. 

However, the bull momentum was short-lived, with the token recently experiencing a significant price correction. Nevertheless, at the time of writing, KAVA is up 10% and is one of the top gainers in the crypto market within this period. 

Kava has experienced a significant price correction this week; source @tradingview
Kava has experienced a significant price correction this week; source @tradingview

What’s Behind The Recent Spike In Kava?

However, it is important to analyze the factors behind this rally to assess its sustainability. Cryptocurrencies are known for their price volatility, and sudden reversals are not uncommon. In the case of KAVA, the token experienced a swift downturn following the initial surge, raising concerns about the solidity of the upward movement. 

Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close

This pattern is often observed when a rapid rise lacks strong fundamental support, leading to a correction as the market adjusts itself. In terms of recent developments, it was reported that the Digital Asset Exchange Association (DAXA) in South Korea removed investment warnings on KAVA and WAVES, the latter being another digital asset associated with the Waves platform. 

The warnings had been issued due to concerns about stablecoins linked to these assets, which were found to be “not normally linked to 1 dollar”. However, after a thorough review, DAXA determined that the risks associated with KAVA and WAVES had been resolved, allowing South Korean exchanges to resume deposit services for these tokens. This news likely contributed to the positive sentiment surrounding KAVA and may have played a role in the recent price rally.

In addition, the launch of the Kava 13 mainnet and the introduction of GameFi (Game Finance) and non-fungible tokens (NFTs) to the Kava ecosystem have also contributed to the positive momentum for the KAVA token. These developments have attracted attention and interest from users, investors, and traders, potentially driving the token’s price higher.

What’s Next For KAVA?

The price surge experienced by KAVA stands out as an outlier within the broader context of the cryptocurrency market. Considering the overall outlook, such gains may not be sustainable, and a subsequent correction could erase the entirety of the upward movement.

Related Reading: Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here’s Why

If the current levels near $1.20 fail to provide sufficient support, KAVA/USD might retreat towards the support level at $1.10 or even lower.

Kava currently trading below the $1.20 resistance mark: source @tradingview
KAVA currently trading below the $1.20 resistance mark: source @tradingview

However, on the other hand, if there is an overall uptick in the market sentiment or if there is fresh, positive news specific to KAVA, it could potentially lead to renewed buying interest and push the price toward a retest of the recent highs. At press time, KAVA sells at $1.134 per token with a slight 0.9% 24-hour increase.

-Featured image from Kava.io, charts from tradingview.com

Tags: KavaKava analysiskava price
Tweet123Share196ShareSend
Olowoporoku Adeniyi

Olowoporoku Adeniyi

Olowoporoku ''Crypto Evangelist'' Adeniyi is a crypto educator, content creator, and analyst who is a news reporter for NewsBTC. Adeniyi has an extensive background in the crypto niche and has covered the blockchain space since 2017. He has held several events in the past and written articles ranging from technical analysis to oped pieces. Adeniyi is a lover of financial freedom and preaches the ideals of crypto to promote remittance payment that can help developing countries close the financial inclusivity gap. Adeniyi's an avid lover of football and a Man City supporter. He also owns tokens spread across different crypto ecosystem. You can follow him on twitter @crypevangelist or find his youtube channel for more analysis

Related Posts

IMX

Immutable (IMX) Up By 23% In A Single Day, Analyst Suspects Market Manipulation

1 day ago
$18.7 Million In SUI Set To Flood The Market

Brace For Impact: $18.7M In SUI Set To Flood The Market, What To Expect?

3 weeks ago
Worldcoin Kenya

Kenya’s 17-Member Committee Officially Kicks Off Investigation Into Worldcoin

1 month ago
XRP Whale

XRP Whales Accumulate, Can Price Recover Now?

1 month ago
Algorand Records New All-Time Low

Sei Takes A Hit: Price Suffers 26% Plunge Amid Airdrop Claim Expansion

1 month ago
SEI

SEI Token Breaks Into Top 100 One Day Post-Debut On Major Exchanges

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Arbitrum (ARB), Toncoin (TON), and Tradecurve Markets...

    16 hours ago
  • Top Meme and Utility Tokens to Watch Out For in 2023...

    16 hours ago
  • Bitcoin Miners Go Bankrupt As Bitcoin Spark Looks To...

    16 hours ago
  • Massive Potential Unveiled: Hedera, dYdX, Kangamoon, Poised...

    16 hours ago
  • Uwerx’s Recovery Blueprint Ignites Momentum With The...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.