Kava is a cross-chain-based DeFi lending platform, allowing users to borrow USDX stablecoin and deposit various cryptocurrencies to earn revenue.
Founded by Brian Kerr, Ruaridh O’Donnell and Scott Stuart, Kava operates like a decentralized bank for digital assets, allowing consumers to access a variety of decentralized financial services.
Interestingly, Kava allows users to earn revenue by mining USDX stablecoin. Once mined, these USDX tokens can be donated to the Kava money market, known as the HARD Protocol.
Looking at the KAVA/USDT chart, the price movement has exhibited a consistent record by producing a gain of over 500% in the 2021 market by recording the latest all -time high (ATH) level at the $ 8.20 price level in early April 2021.
But after that, Kava failed to maintain momentum until it declined to the support zone around $ 2.40 on May 19.
From a technical point of view, the Kava price movement has passed the support zone around $ 2.8 and is expected to test the SBR (support become resistance) zone around $ 3.6.
The level of the SBR zone will be the focus to be tested first before making a higher increase and continue the increase to the next SBR zone.
However, if the price of Kava returns to see a bearish trend, the support level around $ 2.8 will be tested again to either make a 'rebound' or continue the decline to the lowest level ever recorded before.
