Waves Price Analysis: These Low Tide Waves affect the Recovery of WAVES Crypto

  • Waves price is consolidating at the 2021 lows after an interesting pattern over the daily price chart.
  • WAVES crypto is trading at 20 EMA and falters below 50, 100 and 200-days Daily Moving Average.
  • The pair of WAVES/BTC is at 0.0002488 BTC with an intraday drop of 3.12%.

Waves price is attempting to ascend from the 2021 lows but struggles to do so. To avoid consolidating at lower prices, the token needs to marshal a force of buyers. WAVES coin initially displayed a V-top pattern on the chart. The token rose up to an admirable resistance level before beginning to decline toward lower levels. When the price of any cryptocurrency exceeds the threshold barrier and begins to decline from a specific high after significant downtrend momentum across the chart, this is when a V top pattern essentially signifies a trend reversal. After reaching $64 the WAVES coin underwent a trend reversal, and from that point on the token began to plummet sharply and quickly until it reached its 2021 lows due to peer selling pressure.

The current estimated price of Waves is $5.38, and during the past 24 hours, the token’s market capitalization has increased by 2.30%. For cryptocurrency to officially exit the consolidation period at lower prices, it still needs to draw buyers. However, the intraday trading session saw a notable 113.30% spike in trade volume. Volume to market cap ratio is 0.5143.

WAVES coin price needs to attract more buyers to surge over the daily price chart. The token needs to accumulate bulls and the accumulation should be significant to push the token upwards upto a respectable resistance level. However, volume change can be seen below average and needs to grow for WAVES to soar. 

Support on the lower end is at $4.60 and resistance on the higher side is at $6.88.

What do Technical Indicators Suggest about WAVES?

WAVES coin price must attract buyers to surge over the daily price chart.

On the daily price chart, the WAVES coin price must avoid consolidating at the lower levels starting in 2021. Technical indicators suggest the downtrend momentum of the WAVES coin. 

Relative Strength Index showcases the bearish momentum of WAVES coin. RSI is at 44 and is heading towards the oversold territory. MACD exhibits the downtrend momentum of the WAVES coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover. WAVES investors need to wait for any directional change over the daily price chart. 

Conclusion

Waves price is attempting to ascend from the 2021 lows but struggles to do so. To avoid consolidating at lower prices, the token needs to marshal a force of buyers. WAVES coin initially displayed a V-top pattern on the chart. The token rose up to an admirable resistance level before beginning to decline toward lower levels. The token needs to accumulate bulls and the accumulation should be significant to push the token upwards upto a respectable resistance level. However, volume change can be seen below average and needs to grow for WAVES to soar. Technical indicators suggest the downtrend momentum of the WAVES coin. WAVES investors need to wait for any directional change over the daily price chart. 

Technical Levels

Support Levels: $4.60 and $4.50 

Resistance Levels: $6.88 and $7.00

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.    

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