Key Takeaways:
- KAVA prices have been rising after a drastic drop of 9.2% on Sept 6.
- The network announced a delay in the launch of its mainnet upgrade.
NEW DELHI (CoinChapter.com) — KAVA price is recovering from its disastrous performance on Sept. 6.
The token jumped 8% between Sept 7’s intraday low of $1.51 and Sept 8’s high of $1.63. Its rally followed a drastic drop of 9.2% on Sept 6. Meanwhile, long wicks on both ends of the Sept 8’s daily candle indicate both bulls and bears are vying for a hold on the KAVA price action.
Furthermore, the 20-day exponential moving average (20-day EMA, red wave) continues to act as dynamic resistance for the altcoin’s prices.
Currently, the KAVA price has immediate resistance near $1.65. If the token conquers its immediate resistance, it will target resistance from its 20-day EMA near $1.76, a more than 10% jump from current price levels.
Once the KAVA price move above the 20-day EMA, the token’s 50-day EMA (purple wave) might spoil the Kava token’s price action.
Conversely, if the token fails to move upward, KAVA prices might fall to support near $1.5. The price level previously supported KAVA price movement between Jun 18 and Jul 13. Further downside movement might see the altcoin’s prices fall 12.5% to test support near $1.4 before recovering.
The relative strength index for the Kava token remains near the oversold border, with a value of 37.84 on the daily charts. RSI measures the magnitude of recent price changes to analyze overbought or oversold conditions.
Also Read: KAVA eyes a 50% drawdown ahead of a Network upgrade – what’s ahead?
Traders often consider oversold RSI values as a buy signal. If the RSI drops lower, the token might rebound as traders start a buying spree.
Kava 11 Mainnet Launch Delayed
Kava delayed the launch of its mainnet to Oct this year. Originally, the launch was scheduled for Sept 8. The blockchain platform stated that it delayed the launch to accommodate multiple ‘Tier-1 protocol deployments.’
This is the second time Kava has re-scheduled the launch, with the original launch planned for Aug 31. In detail, the upgrades will include features such as Metamask support, KAVA liquid staking, Protocol Owned Liquidity, and the Kava Earn.
Moreover, Kava Network aims to become the default DeFi platform by providing stablecoins and decentralized lending against all major crypto assets.
Despite the fundamentals, macro headwinds and the wider crypto market downtrend might result in KAVA prices failing to register an uptrend.
At writing, KAVAUSD was trading at $1.62, up 2.57% on the day.
While you are here, check out why KAVA prices might lose 85% of their value.
