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Here’s why Shiba Inu, Zcash, Monero, Kava prices just rallied InvestorsObserver
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Key takeaways
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Kava is one of the worst performers today after losing more than 8% of its value in the last 24 hours.
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The poor performance comes as KAVA retraces from its recent rally.
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Kava recently launched the KAVA 13 upgrade on the mainnet, resulting in the coin rallying by more than 15% earlier this week.
Why is Kava dropping today?
KAVA, the native coin of the Kava ecosystem, is one of the worst performers amongst the top 100 cryptocurrencies by market cap. At press time, the price of KAVA stands at $1.1030 per coin.
The poor performance comes as KAVA is retracing from its recent gains. Last week, Kava launched the KAVA 13 upgrade on its mainnet, resulting in the coin rallying by more than 15% over the last seven days.
Kava 13 is a major upgrade for growing numbers of developers and users looking to leverage Kava’s unique chain architecture. The upgrade sees Kava combine the speed and interoperability of Cosmos with the developer power of the Ethereum blockchain.
Since reaching a weekly high of $1.29 per coin, KAVA has been slowly shedding some of its profits.
Kava could drop below $1 soon as the bearish trend thickens
Kava has been underperforming since the start of the week and could be set to dip lower over the coming days. At press time, KAVA is trading just above $1.1 and could drop below the $1 psychological level soon.
The KAVA/USD 4-hour chart is looking bearish, thanks to Kava’s poor performance. The technical indicators show that Kava could drop lower in the near term.
The MACD line is below the neutral zone, indicating that the bears are currently in control. The 14-day RSI of 47 also shows that KAVA could be entering the oversold region if the bearish trend continues.
KAVA could test the first major support level at $1.0146 over the next few hours if the selling pressure persists. If the bearish momentum is sustained, KAVA could drop below the $0.9449 support level for the second time this week.
Where to buy Kava now
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
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Cryptocurrency prices dived sharply this week partly because of Bitcoin’s congestion.
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KAVA, a DeFi-yielding protocol, was one of the best performing tokens.
Cryptocurrency prices had a tough week as concerns about the industry continued. Bitcoin dropped below $27,000 while the total market cap of all digital currencies crashed to $1.10 trillion. Further, meme coins like Pepe, Milady Meme Coin, Mrs Pepe, and Pepe AI have also plunged in the past few days. This crypto price prediction will look at Kava, Render Token, ad Cardano.
Kava price prediction
Kava price has been one of the best-performing cryptocurrencies this week. It jumped to a high of $0.9353, the highest point since April 19th. On the 4H chart, it has moved above the 38.2% retracement level.
Kava has also jumped above the 25-period and 50-period exponential moving averages (EMA) while the Relative Strength Index (RSI) and the MACD have risen sharply.
Therefore, the outlook for the Kava token is bullish, with the next key resistance level to watch will be at $1. This view will be confirmed if it moves above the key resistance point at $0.96, the highest point in April. The stop-loss for this trade will be at $0.84, the lowest point on Friday.
How to buy Kava
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
Buy KAVA with Binance.US today
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
Render Token price prediction
Render Token price jumped sharply in April as investors cheered the vote to migrate it to Solana. This month, however, the token has pulled back and fallen by 34% from its highest point level. Render has moved to the 50% retracement level and dropped below the 25-day and 50-day exponential moving averages.
RNDR also retested the key support level at $1.6100, the lowest point on April 21st. Therefore, while the token has bounced back modestly in the past few days, I suspect that the bearish trend will resume as sellers target the key support at $1.400.
How to buy RNDR
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
Buy RNDR with Binance.US today
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Cardano price prediction
Cardano, like other major cryptocurrencies, has been in a steep bearish trend in the past few weeks. The sell-off intensified on April 20th after the coin moved below the lower side of the ascending channel shown in red. It has also moved below the 25-period and 50-period exponential moving averages and the support at $0.3786, the lowest point on April 25.
Therefore, I suspect that ADA price is about to rebound and retest the resistance at $0.3786 and then resume the bearish trend. More downside will be confirmed if the price moves below the support at $0.3500, the lowest point this week.
How to buy Cardano
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Public
Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.
Woo Network, Conflux, and Kava prices held quite well even as American stocks continued plunging. WOO jumped by over 11.3% in the past 24 hours as we wrote here while Conflux and Kava soared by over 6%. Bitcoin remained steady at $29,000 while Ethereum and BNB prices held at $1,890 and $325, respectively.
US equities plunge
American stocks continued falling on Thursday as investors reacted to the latest interest rate decision by the Federal Reserve. In it, the bank decided to hike interest rates by 0.25%, bringing the headline rate to between 5.0% and 5.25%. That was the highest rate the US has been in more than a decade.
Analysts believe that the Federal Reserve will now pause rates as it observes the state of the financial market and inflation. The hope is that the elevated inflation will help to limit inflation. Data published last month showed that the headline consumer inflation dropped to 5.0% in March and analysts believe that the situation will continue as crude oil prices continue dropping.
Cryptocurrencies like WOO, CFX, and KAVA did well even as the banking crisis in the US escalated. PacWest stock price has plunged by more than 50% on Thursday while Western Alliance and Comerica slumped. In all, the SPDR Regional Bank ETF dropped by over 5% and has crashed by more than 30% in the past three months.
Therefore, there is a likelihood that we will see more banks collapse this year. Already, companies like First Republic, Silicon Valley Bank, Signature, and Silvergate have all collapsed. And on Thursday, the Dow Jones, Nasdaq 100, and S&P 500 indices dropped by almost 1% each.
Bank collapses impact on crypto
Analysts believe that the collapse of these regional banks has a positive impact on cryptocurrencies for two main reasons. First, some analysts and investors see cryptocurrencies as safe havens which do well when there are elevated risks. They, especially Bitcoin, are now being seen as safe-haven assets.
Second, the collapse of these banks will lead to a slowdown of the American economy and force the Fed to intervene. In periods like these, the Fed tends to intervene by either reducing its quantitative tightening or by reducing rates. A pivot of the Fed will likely be positive for WOO, Conflux, KAVA, and other cryptocurrencies as we saw during the pandemic.
How to buy KAVA
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
Buy KAVA with Binance.US today
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
KAVA price has been in a strong bearish trend in the past few months as demand for the token eased. The token crashed to a low of $0.5165 on Tuesday, which was about 94% from its highest level in September 2021. Its market cap has crashed to about $224 million, which was lower than its all-time high of more than $1 billion.
Kava total value locked has crashed
Kava is a blockchain project that is relatively unique from other popular platforms like Cardano and Aptos. It is a dual platform that combines features found in Ethereum and Cosmos. Ethereum, the biggest smart contract project in the world, is known for its stability and power. Cosmos, on the other hand, is significantly faster and has additional features than other blockchains.
Kava has seen remarkable developer interest in the past few months. This interest is partly because of its $750 million developer incentive fund. People who deploy on Kava receive developer incentives worth millions of dollars.
Kava has over 100 projects, mostly in the DeFi industry. Recently, however, activity in the network has been in a downward trend. The total value locked (TVL) in its ecosystem has plunged to about $197 million from its all-time high of almost $700 million.
Most applications in its ecosystem have lost money in the past few months. Some of the most dominant players in its ecosystem are Kava Mint, Kava Lend, Kava Earn, Kava Liquid, Kava Swap, and Kava Boost have struggled to attract inflows. Kava Mint, which has a TVL of over $84 million and a market dominance of 43%. The most recent high-profile platform in its ecosystem was Curve.
It is unclear why KAVA price has risen by more than 12% on Tuesday. A possible reason is that the developers are about to make a major announcement on the ecosystem.
Kava price prediction
The daily chart shows that Kava price has been in a strong bearish trend in the past few months. As it crashed, the coin managed to move below the important support level at $0.80, which was the lowest level on November 9. It has also moved below the 25-day and 50-day moving averages while the MACD remains below the neutral point.
Therefore, the downward trend will likely continue falling as sellers target the next key support level at $0.500. A move above the resistance point at $0.70 will invalidate the bearish view.
How to buy Kava
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Wazirx
WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.