WAVES Technical Analysis: A Bullish Trend, Support at $27.08 in the First Half of the Week

Ankita  |  Oct 13, 2021

The Waves blockchain was founded by entrepreneur Sasha Ivanov in 2016. That's when Ivanov established Waves Platform AG, a for-profit company headquartered in Moscow, whose purpose was to drive and fund the creation of a new blockchain network. Let us look at the technical analysis of WAVES.

Past Performance

WAVES opened on 6th October 2021 at $27.61. The week witnessed a slight uptrend, along with 2 days of high volatility, and then closed on 12th October at the $29.69 level. An overall positive change of 7.5% was seen.

TradingView Chart

WAVES Technical Analysis

Higher highs can be seen throughout the week. This indicates a bullish trend. The price took support at $27.08 in the first half of the week, and then at the $25.87 level after showing bearish signals.

The current trading price of WAVES is $29.4 which is 6.8% down from yesterday’s close. The price chart is showing bullish signals and high volatility from the last few days.

OBV is in a clear uptrend. The buying pressure has been increasing and dominating the selling pressure for quite some time. This indicates that the traders may take a long position.

RSI has witnessed continuous hills and valleys, which is indicating volatility. However, RSI is increasing over the last few days, which is a bullish signal. Traders may take a long position if the price continues to increase.

MACD is showing no divergence here, but both the fast and the slow lines are heading in the positive region. The gap between them is stable. This again confirms the last week’s uptrend, as MACD is a lagging indicator. Traders may take a long position here.

Day-Ahead and Tomorrow

Fib retracement shows that the WAVES price took support at the fib point of $27.17. It has risen beyond the fib level of $29.12. This is again a bullish signal.

Thus, the indicators are showing bullish signals. The traders may take a long position by keeping the target at $31.13 and stop-loss at $27.08. However, the price may go down as well because there are some volatile signals.

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