Kava Analysis: KAVA Loses Previous Day’s Gains as Its Set to Retest $0.60

Kava was one of the top gainers during the previous intraday session. The asset kicked off trading at $0.63 but enjoyed a significant change in value that saw it make an attempt at the $0.70 resistance but failed. It faced strong rejection at $0.68 and retraced to a close at $0.67. Nonetheless, it ended the period under consideration with gains of more than 7%.

Kava Fails to Find Support

Since the start of the current day, the token is seeing a reverse of the previous trend. At the time of writing, it is gradually edging to a retest of one of its strongest supports. It is worth noting that it flipped the previous critical barrier at $0.64 and is currently trading at $0.62. A closer look at the chart suggests that the KAVA may attempt $0.60 within the next 24 hours as it is yet to find any support.

(Source: CoinStats)

Coin tracking platforms also point to the cryptocurrency seeing a decrease in trading volume compared to the previous day. Trading volume is down by more than 59%. Nonetheless, the current price suggests that a huge chunk of the $19 million the asset saw in trades was mostly from traders taking profit from the market following the significant increases it had.

Indicators are also reacting to the current change in market trajectory. For example, the Relative Strength Index took a sudden nosedive. It was at 51 during the previous intraday session but dropped to a 40 at the time of writing.

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