WAVES Technical Analysis: Bears May Remain Strong
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WAVES Technical Analysis: Bears May Remain Strong

June 7, 2021      Ankita Awasthi

WAVES has various use cases for decentralized apps and smart contracts. It was one of the earliest cryptocurrencies in the industry, the ICO launched in 2016. It aims to provide a user-friendly experience to its customers and improve its early blockchain platforms and products accordingly. The WAVES technical analysis is as follows:

Past Performance

On May 31, 2021, WAVES opened at $13.31. On June 06, 2021, WAVES closed at $14.13. Thus, in the past week, the WAVES price has increased by approximately 7.61%. In the last 24 hours, WAVES has traded between $14.94-$16.68.

https://s3.tradingview.com/snapshots/5/5vSB1FeA.png

https://www.tradingview.com/x/5vSB1FeA/

Day Ahead And Tomorrow

Currently, WAVES is trading at $15.77. The price has decreased from the day’s opening price of $16.94. Thus, the market seems bearish.

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The MACD and signal lines are in the negative zone on the daily chart. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may increase further.

Currently, the RSI indicator is at 44%. It faced rejection at 38% and rose to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

The OBV indicator is moving flat. Thus, it is difficult to know if the sellers are dominating or the buyers. If high selling activity continues, it will exert downward pressure on the WAVES price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

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WAVES Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $17.94. If the bears remain strong till day end, then the price is likely to fall below the first, and second support levels of $15.55, and $13.57, respectively.

The price has been tested and fallen below the 38.2% FIB retracement level of $17.94. It may soon fall below the 23.6% FIB retracement level of $15.55. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

#WAVES
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.