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- The Waves coin is looking heavily sideways above the lows of the Bollinger Bands indicator on the daily chart.
- Due to the sideways trend, volatility remains low, thus reducing trading volume by almost 40% last night.
- The WAVES/BTC pair is down 1.5% at 0.0001484 Satoshis.
During the bullish surge in March, Waves investors were caught while traders observed the amazing recovery. However, the WAVES have fallen precipitously since the beginning of April, piercing key price levels. Since March 31, the cryptocurrency has lost more than 93%, reaching a 16-month low on May 27.
The one-hour price chart shows a bottom-low formation with sellers selling Waves currency along a downsloping trendline (blue). During the sell-off, the cryptocurrency recorded the 2022 low at $4.20, which is a crucial hedging region for bulls; a drop below this level might result in a more severe drop.
Waves cryptocurrency is now trading at $4.3 per coin. The market capitalisation is $469 billion, down 1.9% in the previous 24 hours, according to CMC. Furthermore, the WAVES/BTC pair has fallen 1.5% to 0.0001484 Satoshis.
On the daily chart, Waves cryptocurrency is trading far above the Bollinger Bands indicator’s lows. Because of the sideways trend, volatility remains low, limiting trade volume by over 40% yesterday night.
RSI may show recovery single next week
Since the solid bearish candle on April 4, the 20-day exponential moving average has acted as an important selling zone for sellers. Similarly, the remaining 50,100 and 200 EMAs are well above the current price of the waves.
Thus in the context of the daily price chart, the RSI indicator appears to be in overbought territory. A reversal of the RSI could be a sign of recovery for the altcoin.
Conclusion
There is no doubt that the coin of WAVES has long been dominated by bears. Every year fewer buyers have a chance to ease the selling pressure and a reversal of the RSI could be a sign of recovery for the altcoin.
Support level – $4.2 and 4.0
Resistance level – $10 and $15
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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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
