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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Kava Brushes Off Market Downtrend, Gains 11% On Weekly Chart

Kent Tenix
Kent Tenix
1 year ago
3 mins read
Kava

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KAVA is one of the Layer-1 blockchains in the crypto industry with links to two top blockchains, Ethereum and Cosmos. The network combines the Cosmos blockchain, and the EVM technology boosting its speed, security, and maximum scalability. It also utilizes the developer support of the Ethereum network. 

As such, Kava supports cross-chain interoperability, allowing users to transfer assets between Cosmos and Ethereum ecosystems. Kava’s native token, KAVA, which powers all the transactions on the blockchain, currently sits at the 62nd position on Coinmarketcap rankings. 

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At the time of writing today, July 12, KAVA’s market cap stands at $661,668,155, showing an increase of 5.95%. Also, the coin has recorded more gains in 7 days than other top coins like Bitcoin and Ethereum, showing losses in their weekly gains. 

KAVA Posts Positive Price Moves Amid Plummeting Trading Volume

KAVA’s price stands at $1.06, depicting a gain of 5.51% in 24 hours, while the weekly price shows an 11.31% increase. But KAVA’s trading volume currently stands at $59,625,037, a decline of 22.88%. This is unexpected, given the increasing price gains. 

Looking at the declining volume, trading activities with KAVA show low participation. Also, the global market Fear & Greed Index is currently at 57, depicting Neutral. As such, the current gains on KAVA may not be sustainable.  

Also, KAVA’s daily chart on TradingView, shows that the RSI is at 62 moving towards the overbought region of 70. Such a movement suggests a trend reversal to the downside once the asset reaches the overbought region. 

So while traders might be encouraged by the greenish moves today, represented by KAVA’s trend above the 50-day moving average, they should be careful, given the possibility of a downtrend soon. 

KAVAUSD price chart
KAVA’s price currently hovers around $1.0605 in the daily chart. | Source: KAVAUSD price chart from TradingView.com

Network Upgrade And USDT Launch Might Be Pushing KAVA

Many factors affect the prices of crypto assets. Some of these factors include market-wide sentiment, network developments, news, regulations, etc. Regarding KAVA’s price gains today, network developments and events are seemingly responsible for it. 

The much anticipated Kava 14 blockchain upgrade is slated for today, July 12, at the block height of 5,597,000 at 3:00 p.m. UTC. GitHub reveals that the release will facilitate the seamless unlocking of Cosmos native assets on Kava EVM. Not only that, it will support the conversion of assets between Ethereum and Cosmos through a safer new internal bridge feature.

Six days ago, USDT launched on Cosmos through Kava. Even though the launch expanded the Cosmos DeFi Ecosystem, it also brought Kava to the limelight.

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Kava Co-founder Paolo Ardoino, talking about the integration, said, “Our support for Tether’s USDt integration unlocks much-needed stablecoin liquidity across the Cosmos and EVM ecosystems. Tether’s choice makes Kava a key support and a strong ally for Cosmos ecosystem projects building out the Internet of Blockchains.”

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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
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The highest standards in reporting and publishing
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