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Kava Price is 9% Higher at $1.03 Despite Red Day for Most Coins – Good Time to Buy?

Simon Chandler
Last updated: | 2 min read
Source: TradingView

The KAVA price has risen to $1.03 today, representing a 9% jump in the past 24 hours, as the wider cryptocurrency market suffers its first notable drop in over a week. KAVA’s current price also represents a 38% gain in seven days and 52% jump in the last 30, with the layer-one coin surging mostly because of yesterday’s announement that Coinbase will be listing it.

Yet Kava is also witnessing considerable organic growth as a smart contract platform, with more protocols developing on it with each passing week. As such, the combination of new listings and adoption could make KAVA one of the best-performing altcoins of the next few months, if not of 2023.

Kava Price is 9% Higher at $1.03 Despite Red Day for Most Coins – Good Time to Buy?

If you look at KAVA’s chart, you’ll quite easily noticeable a very pronounced jump at around 6pm yesterday, roughly the time it was announced that Coinbase is listing the altcoin.

Source: TradingView

The Coinbase-caused surge was also accompanied by a sudden rise in KAVA’s relative strength index (purple), which climbed from just under 30 to over 80. This indicates massive momentum, as confirmed by KAVA’s 30-day moving average (red), which shot well above its 200-day (blue), signalling a big breakout.

Indeed, with Coinbase now listing KAVA, it’s completely credible to claim that the latter has hit the big time. Its market will benefit from much more liquidity, and as a result it will be open to bigger upswings as a result of good news.

As for the listing itself, it will begin from 9:00am Pacific Time, or 5:00pm UTC/GMT. Expect some potentially big price movements around this time, possibly in either direction.

Looking at the bigger picture, KAVA has excellent potential, given how promising its native platform, Kava, look. Launched at the end of 2019, Kava is a layer-one blockchain that incorporates support for Ethereum Virtual Machine smart contracts and for Cosmos’ Inter Blockchain Communication Protocol (IBC). 

In other words, Kava is interoperable with both Ethereum and Cosmos, opening its ecosystem up to developers and apps/protocols for both of these two platforms. Indeed, despite being a relatively young platofrm, Kava is now home to a rapidly growing number of different apps and protocols.

And while it’s not as widely known as many of its rival platforms, it actually boasts higher total value locked in than some of them. This is the case with Cardano, for example, with Kava accounting for $189 million TVL compared to $68 million.

Given such promising organic growth, and given big exchange support, it’s likely that KAVA will continue rising this year. It’s currently 88% down from its all-time high of $9.12, so assuming a gradually recovery for the overall market, it’s possible that KAVA could reach the halfway point towards this record (set back in August 2021).

As for KAVA itself, it’s a utility token that can be staked (Kava is a PoS platform) and used to pay transaction fees. This is another reason to assume it will grow in parallel with the growth of Kava, and to assume that it could be one of the big success stories of 2023.

Buy Crypto Now. Alternatively, consider checking out the likes of MEMAG, FGHT, CCHG or RIA, newer altocins that are currently holding their presales, offering early investors the potential to make some above-average returns.