KAVAUSDT, 1dAfter reaching failing to break it’s 2024 high around the $1.15 area, price created a lower high and broke below the 200SMA forming a lower low. This creates a bearish sentiment for KAVA.
The downward trendline aligns with the stiff resistance created by 200SMA and previous support turned resistance. This is a key level where bears will look for shorting opportunities. Keep an eye on the charts and wait for price reaction to initiate a trade.
The only indicator making a bullish case for KAVA is the bullish MACD crossover but price has to ultimately breakout of the downward trendline and 200SMA and remain above it to bring back the bullish sentiment.
As always, “anything can happen” so let the market unfold and react accordingly. #DYOR
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