Waves price analysis is somewhat bullish today after the price retraced from a low of $3.020 to the closing price of $3.2. However, it is nothing more than exhaustion of the strong bearish momentum plaguing Waves throughout the last week.
As we can see, the price of Bitcoin has marked a 0.4 percent increase, whereas Ethereum has increased by around 1.31 percent. On the other hand, altcoins such as Ripple and Solana are also currently in the greens.
If we look at the daily chart of Waves price analysis against TetherUS, we can see the formation of a big downtrend. Lower lows and lower highs have been formed over the last few months, which is the hallmark of a bear market.
On top of that, the RSI is currently hovering at 31, which suggests that the market might be slightly oversold. It makes sense to say that Waves has successfully retraced from its support line of $3.0 after testing it once. So, the support at $3.0 is quite strong. On the other hand, Waves will have to break through multiple resistances to retrace above $4, which does not seem likely in the current market conditions.
Waves 24-hour price movement
The 24-hour price movement of Waves has mostly been in a range. Its 24-hours support was set around $3.15, which was tested twice, after which Waves retraced again to $3.2. At the same time, the 24-hour high was set at $3.225. So, it is apparent that Waves is mostly consolidating sideways, and the market is not volatile enough right now.
Similarly, the RSI on the 24-hours Waves price analysis is at 56, suggesting that the market is quite stable in the short term. This is also because the bears have currently been exhausted. However, Waves is still lacking significant bullish momentum, resulting in less volatility and more stability.
The MACD analysis shows a crossover, hence shifting the momentum. In the next few hours, Waves will continue trading in a range and consolidate sideways, with strong support at $3.15.
4-hour Waves price analysis: The 4-hour chart is more optimistic
As compared to the other charts, the 4-hour Waves price analysis seems slightly more optimistic. We can see that the RSI is currently very healthy at 45. At the same time, the MACD analysis also showed positive momentum after a crossover that occurred at 00:00 yesterday.
So, in the next few hours, Waves might further retrace and retest the last resistance around $3.25. However, it will require significant bullish momentum to get a push higher up. Despite the positive outlook in the short term, traders should not forget that the market conditions are still predominantly bullish. It is much safer to make investments for the long term rather than the short term.
Conclusion
The bear market is not over yet, and just like the two major coins, Bitcoin and Ethereum, Waves is also in a downtrend. Of course, short pumps in shorter timeframes can happen. But the overall outlook is negative. So, investment decisions should be made for the long term instead of the short term.
In the meantime, you might want to learn more about Bitcoin and why it is the future. After all, governments cannot stop Bitcoin from taking over eventually.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/waves-price-analysis-2022-10-22/