Wave price analysis shows that the market has recently lost some of its bullish momentum and is now facing tough resistance near the $9.87 level. If WAVES/USD breaks below this level, it could retest the $8.71 support level. The Waves cryptocurrency has been on a strong upward trend since last week, rising from around $4 to its all-time high of $11.37. However, since hitting that high, the wave market has entered a period of consolidation and has been trading between $9 and $10 for the past few days.
The digital asset is struggling to maintain its bullish momentum and has lost more than 3% in the past 24 hours. As of this writing, Waves is trading at $8.88 and is down over 5% in the last 7 days. The next support is at $8.71, and if the market breaks below that level, it might retest the $8.50 support level.
On the other hand, if WAVES/USD rebounds from the current levels, it might face resistance near the $9.87 and $10 levels in the near term. The general market sentiment is bearish. The market cap is declining at a steady rate, currently standing at $963,189,198 and the 24-hour trading volume is $660,071,949.
WAVES/USD 1-Day Price Chart: Price drops to $8.71 after a bearish run
One Day Wave Price Analysis Looking at the chart, we can see that WAVES has been following a descending channel since hitting its all-time high. The market is currently trading near the lower boundary of this channel and if it breaks below this level, it could retest the $8.71 support level. The bears have been impeding the upward price movement since then, and yet today the bears have taken a slight deficit as the price is now stuck in the $8.88-$9.25 region.
The technical indicators are currently giving a bearish signal as the MACD line is above the signal line and the RSI indicator is also above 50. This indicates that there is more downward pressure in the market only upwards. The EMA 50 and EMA 200 lines also give a bearish crossover signal.
Wave Price Analysis 4-Hour Price Chart: Price near $8.88 support level
The 4-Hour Waves price analysis shows that the bulls dominated the price feature most of the time for today’s trading session, but the bears caused a sudden drop in price today, after a bullish advance continues. The bearish momentum was minimal, but it managed to dodge the bullish momentum and push the daily candlestick to red for today. However, the price has been recorded as bullish for the past four hours.
The Relative Strength Index (RSI) indicator is currently at 44.91 and it is slowly moving towards the oversold region, which is a good sign for bulls. The MACD line is also above the signal line, indicating that there may be more downward pressure in the market than upward. The EMA 50 line is below the EMA 200 line, which is a bearish signal.
Conclusion of wave price analysis
The following 1-Day and 4-Hour Waves price analysis indicates a decline in price today as circumstances turned out to be unfavorable for the cryptocurrency. The bears are struggling to sustain high momentum and managed to cause the price to drop into the $8.88 range. Still, as last week’s bullish momentum has reignited, it can be expected to rebound to carry the price above the $9.87 resistance.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.