The cryptocurrency market has been volatile over the past day, with prices often experiencing significant fluctuations. However, as the market plunged, the KAVA coin managed to buck the trend by rising 10% in a single day between June 5 and the early morning of June 6.
At the time of writing, KAVA is still showing massive network activities as the trading volume shows a 320% gain in 24 hours. The significant increase in KAVA's trading volume and market capitalization suggests increased investor interest and potential market growth.
Even though the price has witnessed a decline in momentum, DIGGING still holds most of its gains from the first hour's peak, sitting at $1.07.
Analysis of KAVA Coin's earnings amid a turbulent cryptocurrency market
DIGGING it is a prominent cryptocurrency known for its unique features and use cases. It operates on its blockchain platform, which offers decentralized finance (DeFi) solutions such as lending, lending, and staking.
Related reading: Bitcoin (BTC) Dominance Trend Shifts Along With Stablecoin Flows: Glassnode
The recent increase in KAVA Total Value Locked (TVL) may be contributing to the KAVA price increase. According to data from DeFi FlameKava's TVL is at $66.12 million, representing an increase of 9.34% in the last 24 hours.
The rise in TVL also suggests that more investors are putting their assets into the protocol, be it for gambling, lending, borrowing, or other purposes. This influx of capital demonstrates confidence in the platform's functionality, security, and potential returns.
Bollinger Bands and RSI signal bullish momentum
Currently, KAVA/USDT is trade above the middle of the Bollinger Bands and has an RSI reading of 60.68; it suggests that the asset price is in an uptrend and there may be bullish momentum. This also contributes to the bullish momentum present in the KAVA market.
Kava, valued at $1,128, exhibits various support and resistance levels. Support levels for Kava are as follows: $0.949, $0.832 and the strongest support at $0.655. Conversely, Kava's resistance levels are $1,152, $1,623, and $1,894.
These levels indicate price points where the value of Kava may encounter barriers in upward or downward movements. Traders and investors can use these levels to assess potential entry or exit points based on Kava price action and general market sentiment.
Global Crypto Market Performance
world cryptography market cap is at $1.09 trillion, reflecting a 3.46% decline in the last 24 hours. Meanwhile, the total volume of the crypto market increased by 70.51% to reach $45.89 billion during the same period.
Within the market, decentralized finance (DeFi) volume stands at $3.36 billion, representing 7.33% of total 24-hour volume. Furthermore, stablecoins contribute a significant part, with a volume of $43.27 billion, representing 94.29% of the total market volume.
Bitcoin dominance currently sits at 45.76%, seeing a slight decline of 0.06% throughout the day.
Featured image from Pixabay and graphic from TradingView.com
