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Analytics

WAVES Technical Analysis: Bulls Outperform The Bearish EMAs

WAVES coin price breaks the consolidation range and surpasses the crucial daily EMAs with overnight growth. Will the uptrend exceed $20? Key technical points:

  • The WAVES coin prices break above the consolidation range
  • The RSI slope enters the overbought zone 
  • The 24-hour trading volume in the WAVES token is $1.47 Million, indicating a 270% rise. 

Past Performance of WAVES

The WAVES coin price showcased a bit of hesitation at the top of the consolidation range ($12). However, the unexpected support from the 50-day EMA propelled the prices higher above the 200-day EMA. The bullish rally surpasses the $15 mark as we mentioned in our previous article and heads to outshine the sellers at $18. 

Source-Tradingview

WAVES Technical Analysis 

The WAVES coin price action shows a slightly higher price rejection near the $18 horizontal level, but the incredibly high trend momentum may shortly surpass it. However, a short retracement to test the 200-day EMA is possible.  The bearish alignment of the daily EMAs– 50, 100, and 200-day fail to suppress the bullish growth. Hence, a reversal may shortly provide multiple bullish crossovers. The MACD indicator shows towers of bullish histograms outshining the previous bearish trend. After recently avoiding a bearish crossover, the fast and slow lines race ahead of the zero line. The RSI Indicator slope enters the overbought zone due to the recent spike in buying pressure. The 14-day SMA continues on a similar but low magnitude path and crosses above the halfway mark. In short, the WAVES technical analysis projects the possibility of a bullish rally above the $20 mark. 

Upcoming Trend

The WAVES coin price anticipates a bullish continuation as the buying pressure has increased incredibly. However, safe traders might want to wait till the prices overcome the sellers at $18 to avoid getting trapped in a retest.  Support Levels: $15 and $13 Resistance Levels: $20 and $25

   

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