KAVA Surges More than 40% Ahead of Mainnet Upgrade

The blockchain at Layer 1 KAVA, Kava's native token, has risen nearly 40% in the last week as the network prepares for a big mainnet upgrade.

When it goes globally on May 17, the "Kava 13" upgrade features a speed-up of network transactions while improving security. The network will also introduce a new bridge that will allow assets to be transferred from Cosmos to protocols across Kava.

KAVA previously gained almost 10% last Wednesday after token holders proposed that the project's many awards and incentives programmes be terminated before the end of the year. According to CoinGecko statistics, the coin has a market value of $513 million. Meanwhile, Binance’s support for the mainnet upgrade launch added more to the Kava price. 

Binance to Support KAVA 13 Upgrade Launch

Binance, the world's largest cryptocurrency exchange, said on Wednesday that it will support the Kava 13 mainnet update as well as the Terra Luna Classic v2.0.1 network upgrade.

According to an official release made on May 17, Binance will support the Kava 13 network update slated at block height 4,832,500, which is expected to take place on May 17 at 15:00 UTC. Beginning May 17 at 14:30 UTC, the exchange will stop KAVA deposits and withdrawals.

Furthermore, Binance will support the Terra Classic (LUNC) network upgrade, which is planned to take place at block height 12,815,210 at 16:45 on May 17. The blockchain will be stopped at the block until the update is finished.

Today, May 18, the crypto exchange will stop LUNC and USTC deposits and withdrawals on the Terra Classic (LUNC) network. KAVA deposits and withdrawals will likewise be halted today.

Update: The KAVA mainnet upgrade to KAVA 13 has been successfully deployed and has been live as of writing this article.

Kava Price Analysis

Kava (KAVA) is now trading at $0.949687 with a 24-hour trading volume of $23,410,230. This is a 4.25% rise in the previous 24 hours and a 6.05% increase in the last 7 days. Kava has a market worth of $496,856,491 with a circulating supply of 520 million KAVA.

Kava has been making green candles after the KAVA 13 upgrade announcement for the past two days. 

The Kava coin price prediction made a declining channel pattern in the long term from January. The pattern indicates a further bull run after reaching a certain bottom level. Assuming the current condition, the top is already broken after the Monday surge, confirming the further bull run.

The 14-day RSI is at 60 which indicates the price may move above the overbought region. The  Neutral line (yellow) is currently approaching the RSI line (Blue) which suggests that bulls are making their moves to make the price surge more.

The MACD is making bullish histograms which confirms the bullish dominance over the Kava ecosystem.

Source: TradingView

Conclusion

In conclusion, The Kava coin has started taking a bull run after the mainnet upgrade launch as hype surrounded the market positively. This is a good sign as investors will get to know the utility associated with KAVA blockchain which isn’t only limited to crypto but has a variety of NFTs and gaming-related applications.