WAVES Technical Analysis: Price Is Below the Second Fibonacci Pivot Point of $29.66, Bears May Remain Strong Today

Ankita  |  Oct 28, 2021

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

Past Performance

On October 21, 2021, WAVES opened at $29.29. On October 27, 2021, WAVES closed at $28.48. Thus, in the past week, the WAVES price has decreased by approximately 3.30%. In the last 24 hours, WAVES has traded between $24.54-$32.29.

TradingView Chart

WAVES Technical Analysis

Currently, WAVES is trading at $28.22. The price has decreased from the day’s opening price. The market for WAVES seems bearish.

The MACD and signal lines are in the positive zone on the daily chart. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall market momentum is turning bearish. Hence, the price may further fall for the rest of the day.

Currently, the RSI indicator is at 48%. It faced rejection at 65% and fell to this level. Thus, selling pressures are slowly mounting. We have to wait and watch if selling pressures become strong enough to bring about a bullish 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 if an intermittent price rise is a corrective action or the beginning of a positive trend.

Day-Ahead and Tomorrow

Currently, the WAVES price is below the second Fibonacci pivot point of $29.66. If the bears remain strong till day end, then the price is likely to fall below the first and second support levels of $27.13 and $25.61, respectively.

The price has tested and fallen below the 38.2% FIB retracement level of $32.34. It may soon fall below the 23.6% FIB retracement level of $27.13. 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.

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