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- WAVES coin price rapid burst resulted in more than 250% price jump in the last two weeks
- The Coin price is trading above all significant EMAs, with the daily buying volume increasing astonishingly
- The WAVES/BTC pair is trading at 0.0006403 with an intraday loss of 8.12%
WAVES coin price faced a new and huge demand driving the coin price 250% higher after the breakout of the parallel channel in the daily timeframe. The sudden increase in buying volume did help in the breakout, but the long wicks formation may not help the price sustain higher. The coin price has faced resistance from $40, and the price is expected to retrace back to the $25 mark. Today’s live WAVES price is $35.47 with a 24-hour trading volume of $1,017,025,925. It is down 9.80% in the last 24 hours. The live market capitalization of the coin is $3,724,800,041.
Long wicks indicate retracement.
WAVES coin price did manage to break out the parallel channel, which resulted in the recent bull run. After making higher highs in the 4-hour timeframe, the coin price is now retracing back. Waves token price had managed to rise higher by breathing out of continuous flag pattern. The coin price is moving lower with long wick formation. At this rate, the coin price is expected to hit the $25 mark soon. The immediate support levels are $29 and $25.
As per the daily timeframe, the 50 EMA (yellow) above the 200 (white) EMA indicates an uptrend in play.
The Relative strength indicator (bearish) indicates bearish momentum increasing in the price while trading at 61. The RSI line is dipped and expected to drive towards the oversold zone.
The ADX indicates a saturation in momentum as it is trading at 51, and the slope in ADX is moving sideways, implying a dip in trend momentum.
Conclusion
WAVES coin price has recently started to form long wick candlesticks implying a pullback soon. The pullback is imminent, but the coin price might push higher due to the increasing volume. Investors might have to wait for another dip to enter or for another breakout. A breakout of the $40 level might result in another 10% price jump, but the chances of a pullback are higher.
Support- $29 and $25
Resistance – $40
