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- Waves coin is trading in a wide horizontal range above the 2022 bottom.
- The psychological round of $10 is acting as an important hedge zone for sellers.
- WAVES/BTC pair price is down 2.3% at 0.0002396 Satoshis.
Waves’ performance over the past four months has reversed from a 52-week high of $63.8. Waves’ native token follows the sell on Waves rise where bulls place their sell orders after each previous swing low. Therefore, the bulls continue to receive rejections to reverse the bearish trend to the upside.
The price of WAVES has hit its 18-month low and any drop in bitcoin could push the altcoin price lower from current levels. Buyers have barely managed to hold the asset above the 2022 lows for the past several days, although the bears have also reclaimed this support level several times. So there is still uncertainty in the coin given.
The WAVES coin pair price is in a horizontal range (grey box) since its 25 day high. Meanwhile, the asset price is showing above the support line of the given range. At the time of writing, during recovery, WAVES crypto is trading at the $4.94 mark.
Speculators saw a gravestone Doji candle last week, a bearish signal that could further favor the bears. Thus, the market cap fell by 3.3% to $537 million as per CMC data. Moreover, the price of the WAVES/BTC pair is down 2.3% at 0.0002396 Satoshis.
Trading volume is low amid sideways movement. Therefore, buyers struggled with the sideways trend and the psychological round of $10 is acting as an important resistance. Waves coin is struggling near the 45 Days Point of Control (POC) as per the VRVP indicator.
Buyers Aim Conceptual Round Level of $10 before July End
In terms of the daily price scale, the Stoch RSI is showing a bullish trend in overbought territory. Nevertheless, ADX continues to move downwards, which suggests a highly sideways trend for the WAVES coin.
Conclusion
The WAVES coin is near the support line of the horizontal range. Although buyers have made several attempts to manage the higher price, bulls need to accumulate altcoins to break this threshold.
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.
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.
