Tuesday, December 6, 2022

Kava Attempts to Break Out Following Sushi Partnership

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Key Takeaways

  • KAVA has jumped by nearly 28.5% over the past 36 hours.
  • The sudden upswing came after the Kava Network announced that it would be welcoming Sushi to its ecosystem.
  • KAVA would likely have to break through $3 to advance further.

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KAVA has rallied in response to the update.

KAVA Jumps on New Partnership

Despite the recent slump in the cryptocurrency market, the Kava Network is making significant strides to expand the utility of its network. As a result, KAVA is enjoying a relief rally, jumping almost 28.5% over the past 36 hours. 

The sudden bullish impulse appears to be correlated with the news that Sushi will deploy on the Kava Network. As detailed in the blog post announcing the update, the partnership aims to provide market participants with a new suite of DeFi products that provide opportunities for efficient and fast yield farming. 

The crypto projects have announced that they will distribute $14 million worth of SUSHI and KAVA as daily rewards for new users joining the DeFi platform. Moreover, Kava is launching a $750 million incentives program to enable Sushi developers to build new applications on the network. Kava Labs CEO Scott Stuart, CEO of Kava Labs said that the capital would help “press the entire ecosystem forward.”

Market participants appear to have welcomed the news as the recent spike in demand pushed KAVA to a new three-week high of $3.05. This is a crucial resistance cluster where the 200-hour moving average and the X-axis of an ascending triangle currently lie. 

A sustained four-hour close above this vital supply wall could result in a 52.5% breakout to $4.85.

KAVA price chart
Source: TradingView

Still, it remains to be seen whether KAVA has the strength to overcome resistance. Failing to break this level could trigger a brief correction toward the triangle’s hypotenuse at around $2.26. A breach of this support level could extend the correction toward $1.68.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH. 

For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.

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