WAVES Price Analysis: WAVES Coin Continuing With A Rounding Bottom Pattern

  • The 20-day EMA provides strong dynamic support to the WAVES coin price
  • The WAVES/BTC pair was trading at 0.0006408 BTC with a loss of 8.78%
  • The 24 hr trading volume in WAVES is $262.1 Million

The WAVES coin would be one of the few coins that manage to fight against the intense selling pressure lurking all around the Crypto market. On 7th September, most Crypto coins showed a sudden drop in their price, and the WAVES coin also showed almost 25% loss as its low for that intraday session. However, by the end of the day, the price managed to recover more than 20% of that loss, indicating the strong buying pressure is still.

The WAVES coins current price is moving higher than the EMAs 20, 50, 100 and 200, indicating a bullish trend. Moreover, the 20-day EMA offers strong dynamic support for the WAVES price. 

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The RSI value (BULLISH) is at 59, indicating a bullish sentiment for the coin price. However, the RSI line shows substantial bearish divergence concerning the coin’s price action, indicating the bears are slowly gaining momentum.

WAVES Coin Chart In The 4hr Time Frame

The Waves coin offers an excellent opportunity for Crypto Investors with the formation of a rounding bottom pattern in the 4hr time frame. This pattern has a $40 neckline as its key resistance. Thus, the coin traders can wait for the price to break out from this level to trade this strong bullish pattern.  

The MACD indicator (BULLISH) shows both the MACD line and signal lines moving above the neutral zone (0.00), indicating bullish sentiment. However, the indicator has provided a bearish crossover of these lines, projecting a sell signal for coin traders.

Conclusion: From the technical perspective, the overall sentiment of the WAVES coin is bullish as the rounding bottom pattern suggests a strong bullish trend. Moreover, the traders can use the Fibonacci retracement for the occasional retracement in this trend and wait for the price to break out from the $40 neckline to grab an excellent opportunity in this coin.

Support– $27

Resistance-31

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Sahil Suresh Mahadik
Sahil focuses on Indian markets. However, as a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies. Sahil believes the crypto universe is a growing market with a plethora of hidden potential, and he wants to grow with it. Some other hobbies he has are reading books, playing Table Tennis, swimming, etc.

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