WAVES Technical Analysis: Resistance at $34.977 on the Hourly Chart, Next Support $36
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WAVES Technical Analysis: Resistance at $34.977 on the Hourly Chart, Next Support $36

May 12, 2021      Ankita Awasthi

Waves provide a multi-purpose blockchain platform for various decentralized apps and smart contracts. It was launched in 2016, and since then the aim has been to improve blockchain platforms in terms of speed, utility and making them more user-friendly. The following WAVES technical analysis will predict price trends for the next two days.

Past Performance 

In the past week, Waves has given some enormous amount of returns. It has traded between $29.37 and $40.51 in the past seven days. And, the 52 weeks high and low are $0.9986 and $41.33, respectively.

https://s3.tradingview.com/snapshots/k/KAXaLN4U.png

Link: https://www.tradingview.com/x/KAXaLN4U/

Day Ahead And Tomorrow

In the last 24-hours, the price has been very volatile for the crypto space. The price of WAVES has increased by 14.5% in the last 24 hours, indicating a bullish trend.

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The MACD line and the signal line are about to crossover on the daily chart. On the daily outlook, we might see a short pullback to the support level, which is $34.40.

The RSI has been hovering around the overbought zone since the past week. Although we can see some potential for RSI to go above the overbought zone. The trend reversal indicator is indicating a short position from this level as it will make way towards the oversold zone.

Waves Technical Analysis

Important levels to look out for, as we can see there is a strong resistance zone between $34.089 and $36.533, the price is set to trade between the resistance zone for the next 24 hours.

There is another resistance at $34.977 on the hourly chart. If the price breaks that level, it will highlight the next resistance, which is around $36. A trader can take a long position around these levels.

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If the market turns bearish and the support level of $32.340 is breached, then we’ll look at a bearish trend and traders to take a short call from this position. The next target will be $31.135.

#WAVES #Waves.io
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.