The most recent Waves price analysis confirms a bullish trend for today as the coin broke past the resistance present at the $7.6 level. Bulls have been gathering strength since 28 May 2022, but the coin jumped high yesterday from $4.5 to $7.6 in a swift move and has covered the range further upwards towards $8 today. Previously coin was is sort of consolidation since 13 May 2022, but the good news for the buyers is that it took an upwards breakout. But selling pressure has been seen forming now as the price is decreasing again from the last two hours.
WAVES/USD 1-day price chart: Cryptocurrency gains 53 percent value overnight
The one-day Waves price analysis confirms the bullish lead for today as the coin value has increased considerably. The coin value suffered during the past week as the selling pressure was persistently there, and the trend line was slightly downwards. But yesterday, the circumstances changed, and the coin has gained 53 percent value during the last 24 hours; the coin is trading hands at $8.2 at the time of writing, and the price may increase further. The downtrend observed during the past week has brought the moving average (MA) down to $5.6 below the SMA 50 curve, which is standing at $6.
The volatility in the one-day price chart is low, the upper Bollinger band is present at the $3.97 mark representing the support as the price is trading above the upper limit, and the lower Bollinger band is present at the $5.6. The Relative Strength Index (RSI) is trading at index 49 in the neutral zone, and the curve of the indicator is upwards, hinting at the buying activity in the market.
Waves price analysis: Recent developments and further technical indications
The hourly Waves price analysis favors the buying side as well, as a strong rise in WAVES/USD value has been seen today. Despite the fact that the price breakout was upwards at the start of the day, the selling pressure has built, and the price function has been headed downwards for the last two hours, and the price has come down to $8.2 now after swinging high towards 10.4. At the same time, the moving average (MA) is present at $6.5 due to the bullish trend.
The volatility is increasing on the 4-hour chart, as The Bollinger bands show steep divergence. The indicator shows the following values in the hourly price chart; the upper value is $8.4, and the price has stepped below the upper band now, whereas the lower value is $2.2. The RSI score has decreased to index 71 because of the selling trend, though the indicator is still in the overbought region.
Waves price analysis conclusion
From the above one-day and four-hour Waves price analysis, it can be confirmed that the bulls are controlling the market. A good increase in Waves price levels has been observed in the past 24-hours as well, and the price has increased up to the $8.2 level. Currently, the price is correcting, but the cryptocurrency price is expected to remain near $8 coming hours.
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Source: https://www.cryptopolitan.com/waves-price-analysis-2022-05-31/