The price of KAVA fell to $1.03 today, representing a 9% jump in the past 24 hours, as the broader cryptocurrency market suffers its first notable decline in more than one week. KAVA’s current price also represents a 38% gain in seven days and a 52% jump in the last 30 days, with the layer-1 coin rising mainly due to yesterday’s announcement that Coinbase would list it.
Yet Kava is also seeing tremendous organic growth as a smart contract platform, with more protocols developing on it with each passing week. As such, the combination of new listings and adoption could make KAVA one of the best performing altcoins in the coming months, if not 2023.
Kava Price 9% Higher at $1.03 Despite Red Day for Most Coins – Good Time to Buy?
If you look at KAVA’s chart, you’ll quite easily notice a very steep jump around 6pm yesterday, around the time Coinbase was announced to be listing the altcoin.
The push from Coinbase was also accompanied by a sudden increase in KAVA’s Relative Strength Index (purple) from just under 30 to over 80. This indicates massive momentum, as confirmed by the 30-day moving average of KAVA (red), which turned well above its 200-day mark (blue), signaling a big breakout.
Indeed, with Coinbase now listing KAVA, it is quite credible to say that the latter hit the mark. Its market will benefit from a lot more liquidity and, therefore, it will be open to larger increases in the event of good news.
As for the list itself, it will begin at 9:00 a.m. PT, or 5:00 p.m. UTC/GMT. Expect potentially large price moves around this time, possibly in either direction.
Looking at the big picture, KAVA has great potential given the promise of its native platform, Kava. Launched in late 2019, Kava is a Layer 1 blockchain that incorporates support for Ethereum Virtual Machine smart contracts and Cosmos’ Inter Blockchain (IBC) communication protocol.
In other words, Kava is interoperable with Ethereum and Cosmos, opening up its ecosystem to developers and apps/protocols for both of these platforms. Indeed, despite being a relatively young platform, Kava is now home to a growing number of different applications and protocols.
And while it’s not as well-known as many of its rival platforms, it actually boasts a higher total value than some of them. This is the case with Cardano, for example, where Kava represents $189 million TVL vs. $68 million.
Given such promising organic growth and strong trading support, it is likely that KAVA will continue to rise this year. It is currently down 88% from its all-time high of $9.12, so assuming a gradual recovery in the overall market, it is possible that KAVA will reach half of this all-time high (set in August 2021).
As for KAVA itself, it is a utility token that can be staked (Kava is a PoS platform) and used to pay transaction fees. This is another reason to assume that it will grow alongside Kava’s growth, and to assume that it could be one of the big hits of 2023.
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