Waves Face Minor Retraces Amid Maintaining Sustainability Above $3.00

  • Waves successfully reclaimed the crucial price mark of $3.00 a few days back with the help of significant positive sentiment in the overall market conditions
  • Currently, the price levels are retracing from the resistance level of $3.50
  • The WAVES/BTC pair is also performing negative with a loss of -1.70% bringing the current level to 0.00025866 BTC
waves1
Source: Tradingview

The technical chart highlights the price movement of Waves from August where the price levels fell down abruptly amid weak global sentiments presented in the market. The downfall resulted in the formation of a falling wedge pattern which is followed by a positive breakout this month resulting in significant recovery action. However, the next target of $3.58 is proving to provide negative reversals to the cryptoasset.

waves2
Source: Tradingview

The 12-hour candlestick chart specifically reflects on the retracement from the price level of $3.58. On the downside, it has a major support level of $2.80 which can avoid the bears to provide further damage to the price levels. As of now, Waves needs to maintain sustainability above the price level of $3.00 in order to keep the main target of reclaiming the bullish level of $4.00 in range.

waves3
Source: Tradingview

The ongoing retracement has resulted in a marginal downfall of -0.76% bringing the CMP to $3.38. It is expected that the downfall would be continued to the temporary support line (BLUE LINE) which is placed at the price level of $3.13. However, the support line has already provided a positive bump during the downfall on a previous occasion. Therefore, it is expected with the support line to behave in the same manner.

waves4
Source: Tradingview

On the moving averages of Waves, EMA-21 gave a positive crossover against EMA-50 which is a positive signal for the further uptrend. Also, after the positive crossover, the EMA-21 line is now acting as the support line as mentioned above. It also provided a positive bump to the price levels and avoided any further price damage provided by the bears.

waves5
Source: Tradingview

The relative strength index (RSI) is showcasing a positive nature with the current level of 66.04 and targeting the overbought region at the same time. The levels are showing no signs of distress in the current residing region meaning more positive momentum to come further ahead in the market.

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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