- KAVA crypto price has jumped by ~50% from the lowest level this month.
- The developers unveiled Kava 13, an upgrade set to boost its speed and reliability.
Kava price drifted upwards on Thursday as investors focused on the latest network upgrade. The token jumped to a high of $1, almost 50% above the lowest level this month. This means that it has outperformed the performance of Bitcoin, Ethereum, and Ripple.
Kava upgrade 13
Kava is an upcoming blockchain that seeks to solve the challenges in the industry. It achieves that by combining the attributes of some of the best chains in the sector: Ethereum and Cosmos.
Ethereum is the biggest chain in the world and is known for its stability, slow speeds, and high transaction costs. Cosmos, on the other hand, is known for its interoperability characteristics, speed, and low transaction costs.
Kava is growing fast. Data compiled by DeFi Llama shows that there are now 111 DeFi dApps in the ecosystem that have a combined total value locked (TVL) of over $560 million. This makes it the 9th biggest chain in the industry. It is even bigger than other well-known platforms like Hedera Hashgraph, Fantom, Cronos, and Cardano.
The biggest dApp in Kava is Mare Finance, which is a lending protocol with a TVL of over $165 million. Kava Lend has a TVL of $119 million while Kava Mint, Kava Earn, and Kava Liquid are the other biggest parts of the ecosystem.
The biggest KAVA news is that the developers launched the 13th upgrade of the network. This upgrade is helping the network speed its transaction costs and higher speeds. It also has a bridge that helps to transfer assets from Cosmos to protocols across Kava.
Several exchanges like Binance and Gate supported the upgrade. In most periods, cryptocurrencies tend to jump ahead of a major upgrade and then retreat when it happens.
Kava price prediction
The daily chart shows that Kava price has made a strong comeback in the past few days. In this period, it has managed to move above the important support level at $0.79, the lowest level on March 5.
Kava has also formed a horizontal channel that is shown in blue. It is now between this channel and is slightly above the 25-day and 50-day exponential moving averages. The MACD has moved slightly above the neutral point.
Thereore, with the upgrade 13 done, there is a likelihood that the token will decline in the coming days as investors target the lower side of the channel at $0.80. A break below that level will see it retest the support at $0.6692.
