Today I wanted to share some technical analysis that I did on Kava coin. Currently its ranked at number 79 on coinmarketcap. I am using a 4 hourly chart to determine its current situation.
As we can see in the chart above, it has a bullish trend. The price has been rising. And there is forming a rising wedge pattern. And a rising wedge pattern on a bullish trend means a reversal in trend.
So it shows that a bearish trend is on the way. And we can see a breakout has already happened so we can make a triangle to know to how much extent its price can drop.
From the chart above it is possible that the price can drop to 1.97 to 2.01.
Its not a financial advice. Its only a technical analysis done on the basis of assumptions and possibilities.
I hope you all understand what I am trying to explain. Its my first technical analysis post so it can be wrong.
Thank you.