Waves price analysis is showing bearishness as the token has depreciated to $8.85 after losing momentum. WAVES/USD is currently trading inside a descending triangle pattern and is expected to further decline. The next support lies at $7.78, while the resistance lies at $9.29. Waves price analysis for today shows that the token has lost momentum after rising to $9.29 and has currently declined to $8.85. The token is trading inside a descending triangle pattern and is expected to further decline in the near term.
The digital asset has been struggling to maintain its upward momentum and has lost over 3% in the last 24 hours. The token is trading below the $9 mark, which is a key level of resistance. The next support lies at $7.78, while the resistance lies at $9.29.The market cap is increasing at a steady rate, as is currently sitting at $999,183,600 and the 24-hour trading volume is at $2,453,817,443.
WAVES/USD 1-day price chart: Price goes down to $8.85 after bearish drift
In a 1-day timeframe, Waves price analysis action is bearish as the candlesticks are closing below the 21-day and 50-day simple moving averages (SMAs). The RSI indicator is currently at 36.73 and is expected to fall further as the token depreciates. The MACD indicator shows a bearish crossover as the signal line crosses above the MACD line. The price action is expected to continue falling as the bearish momentum increases.
The price has retraced after hitting the resistance at $9.29 and is currently trading inside a descending triangle pattern. A breakout from this pattern can take the price down to $7.78, which is the next major support level. Buyer on the 24-hour timeframe has been trying to push the price up, but they have not been successful as of now. The price is expected to continue falling in the near term as bearish momentum increases. The market sentiment for WAVES is bearish as the long-term and short-term moving averages are both trending downwards.
Waves price analysis on the 4-hour price chart: Bullish emerge after a bearish breakout
On the 4-hour timeframe, Waves price analysis shows a bullish trend is emerging as the price action has formed higher lows. The RSI indicator is currently at 52.89 and is expected to rise as the token appreciates. The MACD indicator shows a bullish crossover as the signal line crosses above the MACD line. The price action is expected to continue rising as buyers gain momentum.SMA indicator is currently at $7.78, which indicates a bullish trend.
The digital asset in a 4-hour timeframe is trading inside an ascending triangle pattern and is expected to break out to the upside. The next resistance lies at $9.29, while the support lies at $8.85. The market sentiment for WAVES is bullish as the long-term and short-term moving averages are both trending upwards.
Waves price analysis conclusion
Waves price analysis is bearish in the short term as the token has lost momentum and is currently trading inside an ascending triangle pattern. The next support lies at $7.78, while the resistance lies at $9.29. In the long term, the market sentiment is bullish as the price action has formed higher lows. The buyers are expected to gain momentum and push the price up to $9.29. The bulls are struggling to maintain the upward momentum to $10 levels.
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Source: https://www.cryptopolitan.com/waves-price-analysis-2022-06-01/