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•WAVES/USD is currently priced at $7.88 and has decreased by 0.61% over the past day
•The trading volumes have decreased by 37.13% over the past day
•The technical indicators suggest the altcoin is entering a period of consolidation
Short Term View: WAVES unable to shake bears off
The Wave’s price today is $7.88 USD with a 24-hour trading volume of $325,740,230 USD. Waves Crypto is down 0.61% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap ratio stands at 0.3811 for the altcoin.
The current market sentiment regarding Waves Crypto is indecisiveness. While the bulls started out the day quite strong, the market has experienced significant bear pressure in the last few hours. The choppy price action has led to the altcoin stumbling a lot recently and is currently transacting below the 20,50 SMA on the four-hour chart. The immediate resistance for Waves Crypto is marked at $8 in the event of bulls making progress. On the flip side, the support for the asset resides at $7.50 if the altcoin succumbs to bearish pressure once again.
Long Term View for WAVES
The RSI indicator for Waves Crypto has recovered from its recent oversold position and is currently transacting at 46.47. The MACD indicator suggests the possibility of the asset undergoing a period of sideways trend in the upcoming days. The altcoin has entered a phase of consolidation, with the MACD and signal lines still transacting in the negative territory. However, the gap has reduced between the two. Hence the altcoin can be expected to undergo a period of accumulation before a possible rally ahead.
Conclusion
Waves Crypto price action today has slightly bullish implications for the near term as the market. There is indecision amongst the investors and the accumulation phase is likely to last a few days before we see a move in a definite direction.
Support: $7.50-$7
Resistance: $8-$8.50
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
ALSO READ: This week’s trending cryptos: Gorilix (SILVA), Tron (TRX) and STEPN (GMT)
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
