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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

KAVA Succumbs To Bearish Market Trend, Loses 11% In The Last Day

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Kava

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Following the bearish wave which has swept across the crypto market today, the KAVA token has experienced a significant fall in its market price.

According to data from CoinMarketCap, KAVA is currently down by 10.90%, representing the biggest loss of the day. In general, the total crypto market cap is down by 0.31%, with the market leader, Bitcoin (BTC), losing by 0.46% in the last 24 hours.

This is while prominent tokens, such as Ripple (XRP), Dogecoin (DOGE), and Solana (SOL), have managed to stay afloat, recording no significant gain or loss.

KAVA Price Action And Analysis

KAVA began the week with sideways movement hovering around that $0.94 price region. However, after a slight price dip which saw the token retest at $0.91 on July 10, it embarked on a bullish run reaching as high as $1.02 the next day.

Related Reading: PEPE Price Drops More Than 60% From ATH – What Lies Ahead?

Following a consolidation at this zone for some hours, the token experienced a significant price boost yesterday,  hitting a top price of $1.06. Albeit, since attaining this price level, KAVA has been on a downward trend returning to the price levels seen at the start of the week. 

Analyzing its 4-Hour chart, KAVA is currently in a strong consolidation zone, but if the bulls assume control of the market, the token could rise to the $1.06 price region, which has previously served as a strong resistance level.

A sustained bullish momentum that results in the altcoin pushing past this level could lead to a market price in the region of  $1.22. That said, if the current selling pressure remains strong, KAVA could drop from its consolidation zone, falling as low as $0.73.

Based on CoinMarketCap data, KAVA is currently trading at $0.94, with a 0.16% gain in the last hour. Meanwhile, the token’s daily volume is down by 16.64% and now stands at $48 million. KAVA ranks as the 70th biggest cryptocurrency with a market cap value of $588 million. 

Kava

KAVA Trading At $0.94 On The 4-Hour Chart | Source: KAVAUSD Chart On Tradingview.com

KAVA Records Some Positive Moves Despite Price Movement 

Contrary to its negative price movement today, Kava has actually recorded some positive news in the last few days. Just yesterday,  its blockchain network launched the Kava 14 mainnet upgrade, which in part likely caused the price hike seen yesterday.

As expected, this latest upgrade introduces a lot of new features, most notably smooth and seamless asset conversion between the Cosmos and Ethereum ecosystems.

Related Reading: Shiba Inu Whale Holding 10% Of Total SHIB Supply Shocks The Market

In addition to this network upgrade, KAVA was also recently listed by the Bitfinex cryptocurrency exchange. Launched in 2012, Bitfinex ranks as one of the top exchanges in the world, with a presence in 52 countries worldwide. 

Featured Image From Kiplinger, Chart From Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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