KAVA price action shows a bullish failure to reach $3 as the sellers at the resistance trendline kick down the recovery rally. Key technical points: The KAVA market value decreased by 8.36% today at press time. The price action shows a high likelihood of the $2.25 fallout. The 24-hour trading volume of kava is $51.15 Million, indicating a hike of 26%. Past Performance of KAVA After the extreme selling observed in early May, KAVA prices crumble beneath the psychological mark of $2 to take support at $1.66. The buyers overtook the control at the crucial support resulting in a sharp V-shaped reversal to test the overhead resistance at $2.85. Furthermore, the recovery rally results in the generation of a consolidation range, with the bottom support at $2.25. Source- Tradingview KAVA Technical Analysis KAVA prices struggle to surpass the resistance trendline and reach the overhead resistance trendline due to the higher price rejection near the trendline. The restarting bear cycle with an evening star pattern, a retracement to the bottom support at $2.25. The falling EMAs maintain a bearish alignment representing a solid correction phase in motion. Moreover, the 50-day EMA (red) provides resistance to the bullish recovery. The MACD and signal lines continue moving higher as they approach the zero line after the recent bullish crossover during the V-shaped reversal. However, a falling trend in the MACD histograms represents a weaknes...
