WAVES coin price challenge the short-term resistance trendline with the recent rise in the inverted flag pattern. Will the uptrend surpass the 50-day EMA?

The WAVES coin price sustains above the $8.3 mark after a more than 75% decline since October 2021. However, the recent growth challenging the short-term resistance trendline projects the possibility of a trend reversal. Will the support from the $8.3 help the bulls surpass $11?
<h2>Key technical points:</h2>
<ul>
 	<li style="font-weight: 400">The coin price sustains above the $10 mark.</li>
 	<li style="font-weight: 400">The RSI indicator’s slope rises above the 50% mark. </li>
 	<li style="font-weight: 400">The 24-hour trading volume in the WAVES token is $236 Million, indicating a 7.5% fall. </li>
</ul>
<h2>Past Performance of WAVES</h2>
With the death cross in the WAVES/USD chart, the coin price has depreciated by 20% in the last month, with the 50-day EMA acting as a resistance barrier. The downtrend halts near the $8.3 mark and consolidates for a while before challenging the resistance trendline. 

However, the upside retracement rides within an inverted flag that has proven to be a bearish continuation pattern in most cases. Nonetheless, the trendline breakout has the potential of a trend reversal.

Currently, the WAVES coin price trades at 10.90, with a price jump of 3.29% in the last 24 hours as the bulls finds a haven at $8.3. However, the loss in trading volume questions the bullish commitment.

<img src="https://s3.tradingview.com/snapshots/v/vYQo0UaS.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/vYQo0UaS/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>WAVES Technical Analysis </h2>
The <a href="https://www.cryptoknowmics.com/news/waves-technical-analysis-pattern-breakout-brings-bullish-reversal/">WAVES</a> coin price can showcase a post-breakout rally of almost 50%, considering the prices sustain above the 50-day EMA. Moreover, the higher rice rejection of the long-wick formation increases doubts about the trendline breakout.

The RSI Indicator shows the slope rising above the 50% mark with the 14-day average following the uptrend. This indicates the underlying sentiment is slowly turning bullish. 

After the recent death cross, the 50-day EMA provides constant dynamic resistance to every bullish attempt and helps maintain the downtrend. However, the recent reversal projects the possibility of a breakout that may reach the 200-day EMA.

The Stochastic RSI indicator projects a reversal in the K and D lines with the early onset of the bull cycle evident by the crossover in the neutral territory. Therefore, the indicator keeps a bullish view of the WAVES token.

In conclusion, the technical indicators project the possibility of a breakout despite the higher side rejection evident by the price action. 
<h2>Upcoming Trend</h2>
The WAVES coin price action resonates higher within the inverted flag and tests the short-term resistance trendline. However, as mentioned above, the technical indicators and the price action project different forecasts. Therefore, traders hoping for a bullish breakout must wait for the price action confirmation.

Support Levels:$8.30 and $7

Resistance Levels: $13.75 and $18

WAVES Technical Analysis: Short-term Reversal Hopes To Turn The Tables 

WAVES coin price challenge the short-term resistance trendline with the recent rise in the inverted flag pattern. Will the uptrend surpass the 50-day EMA?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

WAVES Technical Analysis: Short-term Reversal Hopes To Turn The Tables

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