Waves price analysis shows that the market has recently lost some of its bullish momentum and is now facing a tough resistance near the $9.87 level. If WAVES/USD breaks below this level, it might retest the $8.71 support level. The Waves cryptocurrency has been on a strong uptrend since last week as it surged from around $4 to its all-time high of $11.37. However, since reaching this high, the Waves market has entered a period of consolidation and has been trading between $9-$10 for the past few days.
The digital asset has been struggling to maintain its upward momentum and has lost over 3% in the past 24 hours. At the time of writing, Waves is trading at $8.88 and is down by over 5% in the past 7 days. The next support lies at $8.71, and if the market breaks below this level, it might retest the $8.50 support level.
On the other hand, if WAVES/USD bounces back from the current levels, it might face resistance near the $9.87 and $10 levels in the short term. The overall market sentiment is bear. The market cap is decreasing at a steady rate, as is currently sitting at $963,189,198 and the 24-hour trading volume is at $660,071,949.
WAVES/USD 1-day price chart: Price goes down to $8.71 after a bearish run
One-day Waves price analysis looking at the chart, we can see that WAVES has been following a descending channel since reaching its all-time high. The market is currently trading near the lower boundary of this channel and if it breaks below this level, it might retest the $8.71 support level. 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 $8.88 to $9.25 region.
The technical indicators are currently giving a bearish signal as the MACD line is above the signal line, and the RSI indicator is also above 50. This indicates that there is more downward pressure in the market than upward. The EMA 50 and EMA 200 lines are also giving a bearish crossover signal.
Waves price analysis 4-hour price chart: Price sitting near the $8.88 support level
4-hour 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 Relative Strength Index (RSI) indicator is currently at 44.91 and it is slowly moving towards the oversold region, which is a good sign for the bulls. The MACD line is also above the signal line, indicating that there might be more downward pressure in the market than upward. The EMA 50 line is below the EMA 200 line, which is a bearish signal.
Waves price analysis conclusion
The following one-day and four-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 $8.88 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 the $9.87 resistance.
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Source: https://www.cryptopolitan.com/waves-price-analysis-2022-06-04/