KAVA Retraces: Why is Cryptocurrency Dropping After Rally?


Kava (KAVA) is one of the worst performing cryptocurrencies today, with a loss of more than 8% in the last 24 hours. This is a retracement after Kava’s recent rally following the launch of the KAVA 13 upgrade on the mainnet.

At press time, the price of KAVA stands at $1.1030 per coin. Earlier this week, KAVA had reached a weekly high of $1.29, before slowly shedding some of its profits.

Why is Kava dropping today?

The technical indicators suggest that the bearish trend is continuing and KAVA could soon dip below the $1 psychological level. The KAVA/USD 4-hour chart is bearish, with the MACD line below the neutral zone and the 14-day RSI of 47 indicating that it could be entering the oversold region.

If the selling pressure persists, KAVA could test the first major support level at $1.0146. 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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