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- Waves price is consolidating at 2021 lows after falling from V Top Pattern over the daily price chart.
- WAVES crypto is currently trading at 20 EMA and falters below 50, 100 and 200-days Daily Moving Average.
- The pair of WAVES/BTC is at 0.0002748 BTC with an intraday drop of 5.42%.
Waves price is trying to recover from the 2021 lows and falters to gain uptrend momentum. The token must gather forces of buyers in order to escape consolidating at the lower levels. WAVES coin at first went through a V Top pattern over the chart. The token surged till respectable resistance level and then started falling towards the lower levels. V Top pattern basically denotes a trend reversal, when any cryptocurrency’s price reaches the threshold resistance and starts falling from a certain peak following strong downtrend momentum over the chart. WAVES coin experienced a trend reversal after reaching out to $64 and then the token started falling with strong downward momentum or can say WAVES stuck under peer selling pressure and fell till 2021 lows.
Waves price is currently approximated at $5.72 and the token has lost 7.07% of its market capitalization in the last 24-hour period. Cryptocurrency still needs to attract buyers to register its breakout of the consolidation phase at lower levels. Trading volume denotes the downfall of 11.99% in the intraday trading session. Volume to market cap ratio is at 0.41.
WAVES coin fell through a V Top pattern due to the ongoing bear market and now the cryptocurrency struggles to gain support at the lower level from 2021. The token must attract more buyers in order to escape consolidating and start surging over the daily price chart. However, gradually declining volume denotes the fall of the WAVES coin. WAVES need to make a huge wave to soar upwards over the daily price chart.
Will WAVES Crypto be able to make Giant ‘waves’?
WAVES coin price musta escape consolidating at the lower levels from 2021 over the daily price chart. The token must accumulate more buyers to register its recovery phase. Technical indicators suggest the downtrend momentum of the WAVES coin. Relative Strength Index showcases the downtrend momentum of WAVES coin. RSI is at 44 and is heading towards oversold territory after breaking down from neutrality.
MACD exhibits the bearish momentum of the WAVES coin. The MACD line is approaching the signal line for a negative crossover. WAVES investors must wait for any directional change over the daily chart to predict anything regarding WAVES coin price action.
Conclusion
Waves price is trying to recover from the 2021 lows and falters to gain uptrend momentum. The token must gather forces of buyers in order to escape consolidating at the lower levels. WAVES coin at first went through a V Top pattern over the chart. The token surged till respectable resistance level and then started falling towards the lower levels. However, gradually declining volume denotes the fall of the WAVES coin. WAVES need to make a huge wave to soar upwards over the daily price chart. Technical indicators suggest the downtrend momentum of the WAVES coin. WAVES investors must wait for any directional change over the daily chart to predict anything regarding WAVES coin price action.
Technical Levels
Support Levels: $4.80 and $4.80
Resistance Levels: $7.35 and $8.55
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
