What next for the KAVA price after 40% spike?

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  • KAVA price jumped over 40% to reach a high of $1.56 on Binance despite the overall market slump.
  • While there was no clear trigger for the surge, there have been some major developments in Kava in recent weeks.
  • KAVA is currently trading around $1.17 and is at risk of giving up all gains if profit-taking deals intensify.

price of kava It’s up about 9% in the last 24 hours as of Tuesday, May 23 at 9:30 AM ET. The KAVA/USD pair is trading around $1.16 amid increasing pressure from profit-takers.

But before the current selling pressure, the Cosmos Zone token price rallied over 40% to reach its highest level since November 2022.

Cava price drops to multi-month high after rally

The price of KAVA soared to $1.56 on the major cryptocurrency exchange Binance, showing the coin a 44% increase from a low of $1.08. The token had increased in value by about 63% in the past 30 days.

As shown in this chart, the price of kava jumped more than 40% on Tuesday morning. Source: trading view

Kava is a highly scalable layer-1 blockchain that combines speed and interoperability cosmos and the developer power of the Ethereum Virtual Machine (EVM). There was no clear trigger for today’s big move. However, here’s why the coin’s price may see such a rally for a while before investors start taking profits.

Although likely a typical pump episode, the price gains come following the recent launch of the KAVA 13 mainnet and the announcement of a new integration with SubQuery, a leading data indexing platform. SubQuery’s indexer tools are available in the Cosmos ecosystem on Osmosis, Cronos, and Fetch.ai.

The Blockchain Developer Toolkit is also available for Web3 developers in Ethereum, Polygon, BNB, Flair, NEAR, Polkadot, Avalanche and Algorand. It is offered as a data-as-a-service solution that allows users to focus on core project use cases and the front-end without having to build custom backends for data processing.

Kava also announced a $5,000 giveaway on its chain celebrating the launch of NFTs and GameFi.

What next for kava prices?

Today’s price increase for KAVA seems to be somewhat different considering the overall outlook of the crypto market. It is possible that such gains will not last and any subsequent correction could wipe out all the upside momentum.

If the current levels fail to sustain near $1.20, KAVA/USD could retrace to support at $1.10 or lower. On the flipside, fresh pumps based on an overall market uptrend or new kava news could target today’s higher levels.

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