Kava Network (KAVA) invites Sushi to its Layer-1 Blockchain, in a step aimed at expanding DeFi offerings across its ecosystem. With the news of this partnership, the altcoin price has increased by approximately 28.5% in the last 36 hours. As
DeFi altcoin KAVA jumped into new partnership, altcoin price skyrocketed
As we reported on Cryptokoin.com , Terra (LUNA)’s stablecoin Despite the recent crash in the cryptocurrency market triggered by the iUST losing its dollar peg, Kava Network (KAVA) is taking important steps to expand the utility of its ecosystem. As a result, KAVA has been enjoying a relief rally, jumping almost 28.5% in the last 36 hours.
According to experts, the spike seems to be linked to the news that Sushi will be deployed on the Kava Network. As detailed in the blog post announcing the update, the partnership aims to offer market participants a new suite of DeFi products that provide opportunities for efficient and fast yield farming.
Also, altcoin projects announced that they will distribute $14 million worth of SUSHI and KAVA as daily rewards for new users joining the DeFi platform. Additionally, Kava is launching a $750 million incentive program to allow Sushi developers to build new applications on the network. Kava Labs CEO Scott Stuart says the capital will help ‘move the entire ecosystem forward’.
“Close above vital supply wall could trigger a 52.5% breakout”
Market participants welcomed the news, as the recent surge in demand put KAVA at the end of three weeks. pushed to its highest level at $3.20. According to analysts, this is a very important set of resistance where the 200 hourly moving average and the X-axis of an ascending triangle are currently lying.
Analysts assess that a sustained four-hour close above this vital supply wall in KAVA could take as high as $4.85 with a 52.5% breakout.
KAVA price / Source: TradingView However, analysts say that whether KAVA has the strength to overcome resistance should be followed. Failure to break this level might trigger a short correction towards the hypotenuse of the triangle near $2.26, and a breach of this support level could extend the correction to $1.68.
