Waves price analysis: Waves touches $9 as the bearish drive continues

TL;DR Breakdown

• Waves price analysis is bearish.
• Resistance for WAVES is present at $10.3.
• Support for WAVES/USD is present at $9.15.

The Waves price analysis is showing a negative trend, with the bears reigning the price charts for most of the time this week. The price levels have vividly fallen after facing rejection at $10.3 on 27th January, and the coin value has lowered to the $9 range. The downfall has been of an impact, and the bearish streak has been continued today as well.

WAVES/USD 1-day price chart: bulls rally towards $17 mark

The 1-day Waves price analysis is showing a bearish momentum today, and the price has decreased to $9.95. During the past week, the price chart had been dominated by red candlesticks, as the bears were constantly causing the price to decrease; however, bulls also made good progress on 26th January when they took the price level to $10.3. Bears have been hindering the upwards price movement since then, and Yet, today, the bears have made a slight deficit as the price is now stuck in the $9 range.

The Moving Average (MA) is trading at $9.55, just below the price level, as it also continues to travel below the SMA50 curve, which is also a bearish indication. The volatility has increased as well, Meanwhile, if we talk about the Bollinger bands indicators, then the upper band is at $16, representing the strongest resistance, and the lower band is at $7.4, representing the strongest support. The Relative Strength Index (RSI) score is also on the loose, and it has decreased to index 35 on the 1-day price chart.

Waves price analysis: Recent developments and further technical indications

The 4-hours Waves price analysis shows the bulls ruled the price function most of the time for today’s trading session, yet bears caused a sudden drop in price today, after a continual bullish lead. The bearish momentum has been minimal, yet it has been able to dodge past the bullish momentum and turn the daily candlestick red for today. However, the price has been recorded to be on the increasing side during the last four hours.

The volatility is decreasing on the 4-hour chart as the Bollinger bands are resting at an average of $10, whereas its upper band is present at the $10.9 value and the lower band is at $0.11 of value. The RSI score is relatively high because of the bullish uptrend previously and is present at index 51.

Waves price analysis: conclusion

The following 1-day and 4-hours Waves price analysis is indicating a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain a high momentum and have succeeded in causing a decline in the price to the $9.95 range. Yet, as the bullish momentum in the past week had been seen to be reviving, it can be expected that it might bounce back to take the price above $10.3 resistance.

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