Recently, cross-chain bridges such as Multichain and PolyNetwork have been attacked, causing losses of millions of dollars. As a protocol that connects the liquidity of different chains, it is particularly important for the crypto industry. Today we will take attention on FTM/USDT, MULTI/USDT and KAVA/USDT, which affected by the attack of Multichain.
Although it is not obvious, you can still find that KAVA has been fluctuating within a range since January. The price returns quickly after breaking out of the range. In the short term, the range has narrowed since late June and enlarged on Jul.10. Two long green candles pushed the price to the upper rail of the black angle with increased trading volume, but the bears strengthened, and two red candles kept the price back to the range of the previous few days.
Conclusion: The high probability decline has not ended. Different from the bulls rising after the fluctuation, the bears strengthened after the bulls strengthened, forming a V-shaped reversal with the same slope. Bears have the lead. Volatility increased and the price is approaching the lower rail of the angle. We think that the price has a high probability of falling and breaking through the lower rail of angle. But on a large scale, we believe that the original range will still be followed. We maintain the resistance level at 1.2 and the support level at 0.72, which is the previous range.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Although it is not obvious, you can still find that KAVA has been fluctuating within a range since January. The price returns quickly after breaking out of the range. In the short term, the range has narrowed since late June and enlarged on Jul.10. Two long green candles pushed the price to the upper rail of the black angle with increased trading volume, but the bears strengthened, and two red candles kept the price back to the range of the previous few days.
Conclusion: The high probability decline has not ended. Different from the bulls rising after the fluctuation, the bears strengthened after the bulls strengthened, forming a V-shaped reversal with the same slope. Bears have the lead. Volatility increased and the price is approaching the lower rail of the angle. We think that the price has a high probability of falling and breaking through the lower rail of angle. But on a large scale, we believe that the original range will still be followed. We maintain the resistance level at 1.2 and the support level at 0.72, which is the previous range.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.