The first fully convertible staking derivative, bKAVA, will be made available with the September 8 release of Kava 11, which is forthcoming. One Might Want to “Buy The Rumor, Sell the News” for Short-Term Crypto Plays.
KAVA is a safe, scalable Layer 1 network and ecosystem built with the Cosmos SDK. Kava Network announced on Twitter that Kava Liquid Staking would begin on September 8th with Kava 11. It aims to help mainstream people see the value of DeFi by offering a trustworthy home for best-in-class DeFi services that can grow to meet global demand. Furthermore, it distinguishes itself from other ventures in the sector through institutional-grade security and a distinctive user interface.
Kava token seems to be in the hands of buyers, with a 40% price increase since July 26. In cryptocurrency trading, rumors are bought and news is sold. In other words, prices tend to rise as a “rumor” spreads and fall when the speculated event really happens (“the news”). Let’s take a look at the KAVA price.
KAVA Price Prediction
On July 27, KAVA bounced off $1.70, an important support level. This shows that following a relief rally, bulls are trying to maintain an upward trend. In the upcoming days, KAVA might retest or even hit the $1.92 support level. If KAVA is capable of climbing above the $2.30 resistance level, the next target will be $2.56 and higher.
In the few days leading up to the introduction of KAVA 11, the demand range between $1.92 and below levels may be quickly retested. Before the launch, it might be a good place to add KAVA.
There is a movement in the lower or short-term market structure that leans somewhat bullish even if the higher-timeframe structure is bearish. The only scenario that would invalidate a short-term bullish bias is for KAVA to decline and close below the $1.70 demand range.
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