Cryptographic has outlined his insights about KAVA, a well-known blockchain protocol, noting a decisive shift on the horizon. In a recent X post, the expert testified that KAVA has been at approaching its lowest price and is now capable of decreasing even more.
Since August 2021, KAVA has been trading lower within a descending channel pattern. Cryptorphic’s weekly technical analysis depicts a discouraging trend asserting that, while the token has not demonstrated appreciation in value, it seems stuck in a rut which the expert described as a ‘dead end.’ These fears have caused the community to focus on the KAVA price chart in anticipation of signs of a bounce-back.
KAVA’s Critical Support Level
Cryptorphic has also emphasized that for the continued support, KAVA must sustain the current support level. In the opinion of the analyst if price closes below this important support zone, it is quite possible for the cryptocurrency to drop further and go into a new cycle of all-time low prices. A deeper dive into the matter would be detrimental to the investors since it can predict a number of bearish days for token.
Nevertheless, there is always hope for a reversal in Cryptorphic as they await better conditions to embrace. The analyst noted Relative Strength Index, which at the time of analysis was in oversold condition.
Even though, this indicator is considered to be a buy signal preceding a bullish run, the analysis of KAVA also hints at a bounce-back. If the token can get over the resistance trendline, one can envision a bullish run to occur.
These levels pointed out by the analysis include a critical support/accumulation zone at $0. 2403 and its primary resistance level at $0. 558. If KAVA is able to maintain these levels and turn a recovery around, Cryptorphic believes the token could realistically be targeting impressive long-term appreciation on its investment with possible appreciation potential spanning from
Despite the optimism displayed by Cryptorphic, the analyst encourages potential investors to DYOR and reiterates that this analysis should not be considered NFA. The recent low KAVA setting means that over the next few weeks, it will be determined whether the token will start its way upwards or further down.
