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- 1 The WAVES coin price signifies profit booking and slipped below the $3 mark.
- 2 Bears are showcasing their strength and eyeing to break the $2 mark.
The Waves coin signifies a lower top and lower bottom structure and hovers around the 200-day EMA mark. In yesterday’s session, a rebound was noted, and the coin retained the 200-day EMA mark, but buyers are still trying to surpass and hold. The trend is negative and is favoring the mighty bear army, suggesting that the coin may continue to face selling pressure and will retest the downside of $2 soon.
At press time, the Waves coin (WAVES) price traded at $2.64 with an intraday gain of 8.14%, reflecting neutrality on the charts. It has a monthly return ratio of -39.90% and 17.26% on a yearly basis. The pair of WAVES/BTC is at 0.0000398 BTC, and the market cap is $301.04 Million. Analysts are bearish and suggest that the Waves coin may hold the 200-day EMA mark and will stretch the rebound toward the $3 mark ahead.
WAVES Price Volume Profile on Daily Charts
The above chart replicates the price-to-volume profile of the Waves coin (WAVES), highlighting trend reversal on the charts. Recently, the coin has breached its trendline, and a decline of over 32% was witnessed in the past two weeks. The intraday trading volume dropped over 34.28% to $92.70 million.
Price Volatility and Weighted Sentiment Overview
In the last session, the coin witnessed a rebound, and the price volatility curve noted a massive spike, around 0.023, delivering a neutral outlook. However, the weighted sentiment looks negative and slipped below the midline, noted around -1.161, providing a negative outlook.
Social Dominance and Twitter Followers Insights
The Social Dominance noted a significant jump over 18.90% to 0.193%, replicating an increase in the discussion reports on media platforms in the last session. However, the Twitter followers data noted a follow-on decline and dragged over 33% to the -438 mark.
Development Activity and Total Open Interest Insights
Per the Santiment data, the development data witnessed a steep decline and reached the lower trajectory zone below 11.76, glimpsing a negative outlook. However, the derivative data signifies short covering data in the last session; the open interest increased by 1.89% to $12.22 Million.
Per the Fib levels, the WAVES price has settled around the 38.2% zone and is witnessing seller dominance. However, the RSI curve stayed in the oversold region, and a bearish crossover was noted on the charts.
The total supply of the WAVES coin is 114.33 Million, whereas the volume-to-market cap ratio is 0.308, ranked 202 in terms of market cap in the global crypto market.
Summary
The Waves coin delivers sharp volatility and trades below the midline region, replicating a negative outlook. However, the bulls are attempting to hold the 200-day EMA mark and are depicting lower low sequences, highlighting the bears’ dominance.
Technical Levels
Support Levels: $2.20 and $1.70
Resistance Levels: $3 and $3.20
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
