Kava Price Has Plunged From $9 to $0.69: What Next?

Published

1 year ago

December 27, 2022

Crispus

Kava price has been in a strong bearish trend in 2022 as concerns for the ecosystem worsened. The token plunged to a low of $0.6927, which was lower than its all-time high of $9.41. Its market cap has plunged to a low of more than $250 million. At its peak, Kava was valued at over $1 billion.

What is Kava and why is it plunging?

Kava is a leading blockchain project that focuses on the DeFi industry. It is platform that focuses on Decentralized Finance (DeFi) industry. The platform combines the speed and interoperability of Cosmos with the power of Ethereum.

Cosmos is a leading blockchain platform that makes it possible for developers to build quality interconnected applications. Some of the top applications in Cosmos are ThorChain and Osmosis. Ethereum, on the other hand, is known for its stability as the biggest blockchain in the world.

According to Kava’s website, Kava has an average transaction fee of $0.0001. It has over 100 validators and over $2.5 billion in staked assets. Some of the top apps in the ecosystem were Curve, Akash, Binance, Chainlink, and Celer Network among others.

Kava price has plunged in the past few months as investors react to the crash of Decentralized Finance (DeFi). Data published by DeFi Llama shows that the total value locked crashed from more than $250 billion to about $59 billion. Historically, Kava does well when the DeFi industry is performing well.

Most DeFi protocols have seen their TVL crash by more than 80%. Curve’s DeFi TVL plunged to $3.9 billion while MakerDAO crashed to $6 billion. Therefore, there is a likelihood that Kava price will continue falling as the DeFi industry plunges.

Kava price prediction

The daily chart shows that KAVA price has been in a strong bearish trend in the past few months. The token plunged below all moving averages while the Stochastic Oscillator moved to the oversold level. The MACD moved below the neutral point. It also moved below the important support level at $0.80, which was the lowest level on November 10.

Therefore, Kava will likely continue falling as sellers target the next key support level being at $0.60. A move above the key resistance point at $0.80 will invalidate the bearish view.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

Crispus

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…