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Waves (WAVES) Analysis: WAVES’ bounce-back to its pre-fall price, an indication of recovery, may break the $20 resistance band soon

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  • Waves climbed up the chart after the sudden fall of 4.8% yesterday
  • The token has its market price right in the middle of its 24-hour high-low spectrum
  • The weekly performance of the token went down by 8.28%

WAVES is on its way to gaining back its previous market value before the fall. The token with a current market rank of 63 and market dominance of 0.10% went back to being bullish after the crash in the first week of December. The market cap of WAVES saw a rise in its value by a mere 1.01%. On the other hand, the 24-hour trading volume of the token shot up by 147% due to the rapid dip-buying action performed by investors. The volume to market cap ratio stands at 0.142. The WAVES/BTC pair performed well with a positive return of 2.9% during the intraday session. The WAVES/ETH pair out-performed the WAVES/BTC pair after registering a 5% intraday increment.

Source: TradingView

The trend line on the 30-minute time frame chart formed an ascending bullish triangle with the price levels. One can confirm WAVES’ price action by spotting the three ascending peaks pattern on the chart after it fell in the market. The EMA lines support its current price candle as they run in a streamlined motion. The token had its high price back to its pre-fall price mark a couple of hours ago, which means that WAVES has the potential to climb back up the chart if it gets stability.

Oscillators point at an upcoming neutral trend for WAVES

Source: TradingView

The MACD line indicates a no buy/sell zone as the line is under the zero level. However, the signal line is under the MACD indicator, and the indicator’s upward direction puts the token in the possibility of a neutral trend in the future. The same occurred in the RSI graph, as the curve returned from the oversold zone and now rallies in the neutral zone. 

The resistance is $20.871 and $23.311, and the support is present at $14.006.

Conclusion- WAVES may continue its rally in the form of a neutral trend till it achieves a stable position to climb further. Till then, one may consider buying the token at its current price or wait for some more variance. 

Resistance- $20.871 and $23.311

Support- $14.006

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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