Kava Attempts to Break Out Following Sushi Partnership

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Kava Attempts to Break Out Following Sushi Partnership
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key takeaways

KAVA is up nearly 28.5% in the past 36 hours. The sudden uptick came after Kava Network announced that it would welcome Sushi to its ecosystem. KAVA may have to break above $3 for further gains.

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KAVA has rallied in response to the update.

KAVA forms a new partnership

Despite the recent cryptocurrency market downturn, the Kava Network has made significant strides in expanding the utility of its network. As such, KAVA is enjoying a relief rally, gaining nearly 28.5% over the past 36 hours.

The sudden bullish impulse seems to be related to the news that Sushi will be deployed on the Kava network.As described in a blog post announcing the update, the partnership Aims to provide market participants with a new set of DeFi products that provide opportunities for efficient and fast yield farming.

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The cryptocurrency project announced that they will distribute $14 million worth of SUSHI and KAVA as a daily reward for new users joining the DeFi platform. Additionally, Kava is launching a $750 million incentive program to enable Sushi developers to build new applications on the network. Kava Labs CEO Scott Stuart said the funding will help “move the entire ecosystem forward.”

Market participants appeared to welcome the news as a recent surge in demand pushed KAVA to a fresh three-week high of $3.05. This is a key resistance cluster currently located on the 200 hourly moving average and the X-axis of the ascending triangle.

A four-hour close above this important supply wall could lead to a 52.5% breakout to $4.85.

Source: TradingView

Still, it remains to be seen whether KAVA is capable of overcoming resistance. Failure to break this level could trigger a brief correction on the hypotenuse of the triangle around $2.26. A break above this support could extend the correction to $1.68.

Disclosure: At the time of writing, the author of this article owns BTC and ETH.

For more key market trends, subscribe to our YouTube channel and get weekly updates from our Chief Bitcoin Analyst, Nathan Batchelor.

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