The central theses
- KAVA is up almost 28.5% in the last 36 hours.
- The sudden resurgence came after the Kava Network announced it would be welcoming sushi to its ecosystem.
- KAVA would likely need to break $3 to continue moving forward.
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KAVA has bounced back in response to the update.
KAVA enters into new partnership
Despite the recent slump in the cryptocurrency market, the Kava network is making significant strides to expand the usefulness of its network. As a result, KAVA is enjoying a relieved rally, up nearly 28.5% over the past 36 hours.
The sudden upward momentum seems to be correlated with the news that sushi is being used 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 offer opportunities for efficient and fast yield farming.
The crypto projects have announced that they will be handing out $14 million worth of SUSHI and KAVA as daily rewards for new users joining the DeFi platform. In addition, Kava is launching a $750 million incentive program to allow Sushi developers to create new applications on the network. Kava Labs CEO Scott Stuart said the capital would help “propel the entire ecosystem forward.”
Market participants seem to have welcomed the news as the recent surge in demand propelled KAVA to a fresh three-week high of $3.05. This is a key resistance cluster that currently holds the 200 hourly moving average and the X-axis of an ascending triangle.
A sustained four-hour close above this vital supply wall could result in a 52.5% breakout to $4.85.
Source: TradingView
Still, it remains to be seen whether KAVA has the power to overcome resistance. Failure to break this level could trigger a brief correction towards the triangle’s hypotenuse at around $2.26. A break of this support level could extend the correction towards $1.68.
Disclosure: At the time of writing this article, the author of this article owned BTC and ETH.
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