Kava succumbs to the bearish market trend, down 11% in the last day

Following the bearish wave that hit the crypto market today, the KAVA token has experienced a significant drop in its market value.

According to data from coinmarketcap, KAVA is currently down 10.90%, representing the biggest loss of the day. In general, the total crypto market cap declined by 0.31%, with market leader bitcoin (BTC) down by 0.46% over the past 24 hours.

This is while major tokens such as Ripple (XRP), Dogecoin (DOGE), and Solana (SOL) have managed to stay afloat without registering any significant gains or losses.

kava price action and analysis

KAVA started the week with a sideways movement around that $0.94 price area. However, after a minor drop in price, the coin retested $0.91 on July 10, reaching a high of $1.02 the next day.

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After consolidating in this area for a few hours, the coin experienced a significant price increase yesterday, reaching a top price of $1.06. However, since gaining this price level, KAVA has been trending lower, returning to the price levels seen at the beginning of the week.

Analyzing its 4-hours chart, KAVA is currently in a strong consolidation zone, but if the bulls take control of the market, the coin could move higher towards the $1.06 price area, which previously served as a strong resistance level. Has worked in

The sustained bullish momentum that would result in the altcoin moving above this level could take the market cap to the region of $1.22. That said, if the current selling pressure remains strong, KAVA could decline from its consolidation zone to $0.73.

based on coinmarketcap dataKAVA is currently trading at $0.94 with a gain of 0.16% in the last hour. Meanwhile, the daily volume of the coin declined by 16.64% and now stands at $48 million. KAVA is the 70th largest cryptocurrency with a market capitalization of $588 million.

KAVA Trading At $0.94 On The 4-Hour Chart | Source: KAVAUSD Chart On Tradingview.com

Kava registers some positive moves despite price volatility

In contrast to today’s negative price action, Kava has actually recorded some positive news over the past few days. just yesterday, its blockchain network launched The Kava 14 mainnet upgrade is what partially caused the price surge seen yesterday.

As expected, this latest upgrade introduces a number of new features, most notably the smooth and seamless asset conversion between Cosmos and the Ethereum ecosystem.

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In addition to this network upgrade, KAVA was also recently listed by Bitfinex cryptocurrency exchange. Launched in 2012, Bitfinex is one of the world’s top exchanges with a presence in 52 countries around the world.

Featured Image from Kiplinger, Chart from Tradingview