With Kava's Rise, Could KAVA Token Soon Challenge Shibie Coin's Dominance?

With Kava’s Rise, Could KAVA Token Soon Challenge Shibie Coin’s Dominance?

Updated: 09 August 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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KAVA price is up by almost 1% on the day after rising as much as 3.22% on Tuesday. At the time of writing, KAVA is trading at $0.8271 with a 19% hike in 24-hour trading volume, currently at $9.93 million. This suggests increasing investor interest in the Layer blockchain with expectations that increased demand and positive fundamentals will increase its price.

In June, Tether (USDT), the largest stablecoin by market capitalization, successfully launched on the Cosmos ecosystem, facilitated by Kava. This initiative harnessed USDT’s liquidity, making it conveniently available through the Inter-Blockchain Communication (IBC) protocol and the Ethereum Virtual Machine (EVM).

#KAVA is honored to serve as the USDt HUB for the #Cosmos ecosystem! Let's keep building and growing #DeFi across the interchain⛓️ https://t.co/ausr2aUMfD

— Kava (@KAVA_CHAIN) June 21, 2023

Following the news, the KAVA/USD pair spiked 68% from $0.759 to set a swing high at $1.278. But it has since turned down and traded more than 35% below this level. Although the KAVA price experienced a little spike on August 8, the technical setup indicates that traders may be in for more losses.

KAVA Price Downtrend is Not Over

KAVA price has recorded a series of lower highs and lower lows, leading to the appearance of a descending parallel channel, as shown on the daily chart below. Note that as long as the token continues to trade within the falling channel, it is set to drop lower.

Therefore, a daily candlestick close below the middle boundary of the governing chart pattern at $0.8066 could see the price drop toward the $0.800 psychological level. Further declines would pull the price lower to tag the lower boundary of the prevailing chart pattern at $0.779 or the $0.759 support wall.

KAVA/USD Daily Chart

KAVA Price Chart - August 9 — TradingView Chart: KAVA/USD

Apart from the governing chart pattern, KAVA’s gloomy outlook was supported by the position of the Relative Strength Index (RSI) in the negative region. The price strength at 36 reinforced the sellers’ grip on the price.

On the upside, a daily candlestick close above the channel’s upper boundary at $0.834 would confirm a bullish breakout from the bearish technical formation. The most significant level to watch on the upside is the $0.915 and $0.924, where all the major SMAs sit.

Breaching this barrier would see the KAVA/USD pair rise to the $1.0 psychological level. Traders could expect KAVA’s upside to be capped here.

KAVA Alternatives

From the analysis above, no possible trigger is likely to create a sudden surge in KAVA’s price in the short term. As such, investors could turn to new cryptocurrency in presale with the potential to make good returns on investments in 2023.

One such crypto is Shibie Coin (SHIBIE) which continues to grab investors’ attention in the meme coin sector. Unlike some conventional tokens, Shibie Coin wishes to spice up the cryptocurrency market with its intriguing storyline and lively themes.

The coin’s spirited and captivating nature immediately captures the community’s focus, setting it apart from its peers.

Shibie represents a token with a strong community focus, emphasizing active user engagement and offering rewards accordingly.

https://youtu.be/sqTOpbwx9hM

As the presale countdown reaches its final stretch with only five days remaining, the team behind the SHIBIE token has already amassed over $240,000 and is swiftly nearing its milestone of $999,999. This achievement underscores the substantial enthusiasm and intrigue that the cryptocurrency community holds for the imminent launch of SHIBIE.

Priced at $0.000167, SHIBIE presents a compelling opportunity for early investors, given its affordability and ease of access. The token can be bought from the project’s website using BNB or ETH. The minimum investment requirement stands at 100 SHIBIE tokens.

Visit Shibie Coin here for more information on how to participate in the presale.