TL;DR Breakdown
- Price has leveled up to $9.66.
- Waves price analysis predicts uptrend.
- Support is quite stable at $6.78.
The one-day and four-hour Waves price analysis shows signs of an uptrend today as the buying momentum is seemingly intensifying. The price covered an increasing movement during the day, as more buyers are investing in cryptocurrency. Currently, the coin value stands at $9.66 high, and chances of further uptrend seem near. Although the price underwent a sharp decline in the earlier weeks, the bulls have secured their wins for the past few days.
WAVES/USD 1-day price chart: Price shows bullish strength after returning to $9.66
The daily Waves price analysis predicts a strong bullish trend for the day, as the cryptocurrency value increased considerably. Green candlesticks have dominated the price chart for the past few days, as the bulls have been securing consecutive wins. The WAVES/USD value is currently standing at $9.66, and a further increase is to follow soon if the buying activity heightens further. If we discuss the Moving Average (MA) value, then it settles at $9.317 at present.
The Bollinger bands are converging as the volatility decreases, and a further uptrend is to follow in the next week. The upper Bollinger band value has reached the $13.51 position, and the lower Bollinger band value has repositioned to $6.781. The Relative Strength Index (RSI) score has been enhanced up to 39.81 due to the latest bullish turn in market trends.
Waves price analysis: Bulls encounter bearish resistance near $10.00 target
The four-hour Waves price analysis gives the lead to the bears as the price followed a downward curve in the past few hours. The bulls dominated the market earlier, but now the bears are trying to make a comeback. The price has dropped down to $9.67 due to the latest bearish push. The downslope is expected to extend further in the span of the next few hours. Moreover, the moving average value in the hourly price chart is present at the $9.48 level.
The volatility is on the increasing side, which means that the ongoing downtrend might also expand in the next few hours. Discussing the Bollinger Bands Indicator’s values, the upper extreme shows $10.00 of value whereas the lower extreme shows $8.05 of figures. The RSI graph displays a bearish curve as the score dropped to 61.42.
The past few weeks proved crucial regarding the cryptocurrency’s overall progression. If we analyze the market situation from an overview, the bears have been in the leading position. This is why the technical indicators chart for WAVES/USD gives a bearish hint. We can spot 12 indicators on the selling side, ten indicators on the neutral, and four indicators on the buying side.
The Moving Averages Indicator shows a strong bearish inclination. Eleven indicators are occupying the selling position; one indicator is on the neutral, whereas only three are on the buying position. On the other side, the Oscillators predict a neutral trend as nine oscillators are on the neutral end, whereas one oscillator each sits on the selling and buying ends.
Waves price analysis conclusion
The given 1-day and 4-hours Waves price analysis shows a strong bullish trend for the day. The buying momentum intensifies with each passing day, and the price just surpassed the $9.661 hurdle. However, the hourly price prediction is relatively discouraging as a price decline was detected.
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Source: https://www.cryptopolitan.com/waves-price-analysis-2022-02-05/