WAVES Price Analysis: WAVES coin, facing a downtrend! Needs Bulls to Surf Over the Waves of Downtrend.

• The price has begun to fall amid the bearish pressure. Needs to attract buyers.
• The reason behind the fall of the coin. Bulls need to work harder as the bears are still dominating the market.
• The WAVE/BTC pair is at 0.0002625 BTC with a loss of 3.175 in it.

Waves is a multi-purpose blockchain platform that supports various use cases including decentralized applications and smart contracts. As one of the first offerings in its field, waves set out to improve on the early blockchain platforms and products. 

From the outset, it aimed to appeal to prospective business clients looking to use blockchain to improve processes or create new services.

After a recovery of 4 days, the price has stepped to go for a downtrend. On close analysis of the daily chart, we can observe the fight between the bull and the bear gang to dominate the market. Bulls are trying hard to make the price grow but bears being bears interrupting the process of recovery as always. 

The coin needs to attract more buyers in order to overcome this cat and mouse game. The price is currently moving below the exponential moving average and still bearing the bearish impact.

The current price for one WAVES coin is trading at $7.96 with a loss of 2.25% in its market capitalization in the last 24 hrs. The coin has the trading volume of 522 million with an increase of 9.23% in the 24 hrs trading session and a market cap of 863 million which is at a loss of 2.24 in it. The volume market cap ratio is 0.6049.

The reason behind the fall of the WAVES coin

The waves coin has started falling over the daily chart. The bulls are now coming forward to rescue the coin but in order to make the trend reversal successful, they need to work harder. 

The reason behind the fall for WAVES is the stunted growth of volume and high selling pressure, as we can observe with the help of a relative strength index indicator that the coin was oversold for a long time. After the bulls’ efforts, the coin took a turn over the RSI.

While observing the MACD indicator we can conclude that the bears have started dominating again and we can see a negative cross soon as the green histograms are decreasing and the gap between the two lines is narrowing.

Conclusion

After recovery of 4 days, the price has stepped to go for a downtrend. The coin needs to attract more buyers in order to overcome this cat and mouse game. The WAVES coin is falling, the bulls need to work harder to successfully rescue the WAVES from the waves of a downtrend.

Technical levels

Resistance levels: $10 and $12.5

Support levels: $5 and $3

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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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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