KAVA Gains 0.10% Amid Bullish Sentiment, Eyes $0.415 Resistance

Kava (KAVA), a Layer-1 (L1) coin, has emerged as a standout performer in a sluggish market, achieving a modest 0.10% gain over the past 24 hours. Despite this lead, KAVA remains range-bound, indicating a relative balance between buying and selling pressure. The sentiment around KAVA is quietly bullish, with technical and on-chain indicators pointing to a surging positive bias, suggesting the altcoin might be poised for a breakout above its narrow range.

Since the beginning of April, KAVA’s price has oscillated within a range, facing resistance at $0.415 and finding support at $0.392. With the gradual resurgence in bullish bias toward the altcoin, KAVA could see a break above the $0.415 resistance level in the near term. Its positive Balance of Power (BoP) on the daily chart confirms this outlook, currently standing at 0.20. The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. A positive BoP suggests that buying activity outweighs selling pressure, reflecting KAVA’s growing demand and potential for its price to appreciate further.

Moreover, the coin’s positive funding rate highlights the bullish sentiment among KAVA’s futures traders. As of this writing, the metric stands at 0.0097%. The funding rate is a periodic payment between traders in perpetual futures contracts to keep prices aligned with the spot market. KAVA’s positive funding rate means long positions are paying short, indicating that more KAVA traders are betting on its price to increase.

KAVA’s strengthening buying pressure could trigger a break above the resistance at $0.415. If this price level is successfully flipped into a support floor, KAVA’s uptrend will gain momentum and could reach $0.44. Conversely, if profit-taking spikes, the coin could slip below support at $0.392, potentially falling further to $0.38.

In summary, KAVA has shown resilience in a sluggish market, with technical indicators suggesting a potential breakout. The positive BoP and funding rate indicate strong buying pressure, which could drive the price above the $0.415 resistance level. However, traders should remain cautious of potential profit-taking, which could lead to a temporary decline in price.