Can EMA Death Crossover Bolster $12 Fallout?

The V-top reversal from the $62.36 mark has plunged the WAVES price to $12 support. The falling price has breached multiple support levels and EMAs support, displaying a 78.23% loss. A failed attempt of altcoin to breach $16.7 resistance suggests the traders are aggressive selling on rallies.

Key points: 

• The bearish rally triggers a death crossover between the 50-and-20-day EMA
• The WAVES price could soon retest the $12 support
• The intraday trading volume in the WAVES is $738.5 Million, indicating a 44.5% loss

Source- Tradingview

The WAVES price has witnessed a roller-coaster ride over the last two months. The ride started from the Feb-Mar rally, reaching a new All-Time High of the $62.36 mark, followed by a sudden drop in April.

The ongoing correction phase has registered a 78.23% loss from the record high and sank it to $12 support. On May 4th, the WAVES price attempted to rebound from the $12 mark with a bullish engulfing candle, but the buyers failed to surpass the immediate resistance of $16.7.

The bearish reversal plunged the WAVES price by 18.5% and dropped it to its current level of $13.5. The sustained selling would sink the coin price back to $12 to replenish the bullish momentum.

If the WAVES price bounced back from this support, the WAVES price would soar 25% to rechallenge the $16.7 mark. The altcoin would overcome this barrier to strike the $20 psychological mark in a favorable bullish scenario.

Alternately, fallout from the $12 support would continue the ongoing correction and dump the coin price to February bottom support of $8

Technical indicator

The WAVES price trading below the downsloping EMAs(20, 50, 100, 200) reflects a solid bear trend. Moreover, a potential death crossover of the 50-and-200-day EMA would bolster the $12 breakdown.

However, the RSI slope shows a significant bullish divergence concerning the last retest to $12 support, suggesting the rising bullish momentum.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.