TL;DR Breakdown
- Price is now settling at $9.08 low.
- Waves price analysis confirms downtrend.
- Support is found at $6.88 level.
The most recent Waves price analysis predicts a bearish trend for the cryptocurrency as it underwent devaluation in the last 24-hours. The bearish wave is getting stronger as the selling momentum intensifies with time. The downward curve is expected to extend in the upcoming week as well as the price is drawing closer to the support level. The WAVES/USD value displayed in the one-day price chart is $9.0799.
WAVES/USD 1-day price chart: Bearish wave extends after brief interval
The one-day Waves price analysis shows that a bearish trend currently controls the market as a loss in coin value is observed. The price underwent recovery in the last week, but now the declining trend is getting quite stronger. The short-term trending line is again moving in the descending direction, and the WAVES/USD value is now standing at $9.08. The price is now lower than its moving average (MA), i.e., $9.407.
The area between the Bollinger bands is increasing, suggesting that further downtrends are coming ahead as the volatility increases. The upper band of the Bollinger bands indicator is touching the $16.04 point, whereas their lower band is present at a $6.885 margin. The Relative Strength Index (RSI) graph shows a downward curve as the score dropped up to 32.34.
Waves price analysis: Price steps up to $9.088 as upslide follows
The hourly price prediction for WAVES/USD supports the bulls as the cryptocurrency value underwent a significant recovery. Although the bears were ruling the price chart in the earlier hours, an increasing trend was observed in the last four hours. Green candlesticks indicate that the coin value is rising as it just surpassed the $9.08 hurdle. The moving average value in the four-hour price chart is standing at $9.085 low due to previous downtrends.
The volatility is increasing, which means that a reversal in current market trends is possible in the near future. If we discuss the Bollinger bands Indicator’s values in the hourly price chart, the upper band shows $10.54, whereas the lower band displays $8.55. The RSI graph shows an ascending curve due to the latest bullish strike, and the score has climbed up to $42.79.
The general overview of the price trends shows that the bears have been overpowering the market for the past few months. This is why the technical indicators chart is dictating a strong bearish trend. We can further see that 16 indicators are on the selling side, nine are neutral, and only one is on the buying side.
The Moving Averages Indicator is giving out a strong bearish signal as well. Fourteen indicators are standing on the selling point, while one indicator is neutral, and zero indicators are there on the buying side. On the other side, the Oscillators are predicting a neutral trend for the cryptocurrency as eight indicators are at the neutral position, one indicator is at buying, and only two indicators are at the selling position.
Waves price analysis conclusion
The given one-day and four-hour Waves price analysis is going bearish for the day as a significant decline in cryptocurrency value is observed. The winning chances for the bears are increasing as the price underwent a sharp drop up to $9.08. On the contrary, the four-hour price chart displays green candlesticks, which have followed a bullish trend in the past few hours.
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Source: https://www.cryptopolitan.com/waves-price-analysis-2021-01-31/