WAVES Technical Analysis: Price Can Move Either Ways
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WAVES Technical Analysis: Price Can Move Either Ways

June 18, 2021      Ankita Awasthi

Waves.tech is a blockchain-based ecosystem that supports the development of innovative applications for everyday-use practical implementation. It leverages the power of three robust blockchain protocols to provide user-friendly development infrastructure and easy-to-use tools. WAVES is the prime governance token of this open-source protocol. The technical analysis for WAVES is as below.

Past Performance

On Jun 11, 2021, WAVES opened at $14.04. On Jun 17, 2021, WAVES closed at $18.35. Thus, in the past week, the price has increased by roughly 31%. In the last 24 hours, WAVES has traded between $17.34-$18.95.

https://s3.tradingview.com/snapshots/c/cXBGGfLB.png

https://s3.tradingview.com/snapshots/c/cXBGGfLB.png

Day-Ahead and Tomorrow

Currently, WAVES is trading at $17.76. The price has decreased from the day’s opening price of $18.35. Thus, the market seems bearish.

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The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Plus, both the lines are close to the zero line and may turn positive again. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 48%. It faced rejection at 55% and fell to the current level. Hence, selling pressures are high. Heavy offloading of crypto will push WAVES prices further down.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the WAVES price.

As of now, all three indicators have shown a bearish market momentum. However, the MACD oscillator has given indications of an impending trend reversal or temporary price correction amidst an overall bearish trend.

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WAVES Technical Analysis

Currently, the price is below the Fibonacci pivot point of $18.21. It may soon fall below the first Fibonacci pivot support level of $17.60. Thereafter, we have to wait and watch if the price starts rising or continues to fall further.

The price has tested and fallen below the 61.8% FIB retracement level of $17.95. The price may soon fall below the 76.4% FIB retracement level of $17.72 as well. Thus, by day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to increase 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.