WAVES Technical Analysis: Price Tested and Fell Below $17.37
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WAVES Technical Analysis: Price Tested and Fell Below $17.37

April 10, 2021      Ankita Awasthi

Waves.tech is a blockchain-based ecosystem that supports the development of innovative applications for daily-use practical implementation. It leverages the power of three robust blockchain protocols to provide user-friendly development infrastructure and ready-to-use tools. WAVES is the main governance token of this open-source protocol. The following WAVES technical analysis will predict performance for the next two days.

Past Performance

On April 3, 2021, the opening price of WAVES was $13.38. As of April 9, 2021, WAVES closed at $16.78. Thus, in the past week, the WAVES price has surged by approximately 25%. In the last 24 hours, WAVES traded between $16.42-$17.96.

WAVES Price Analysis

https://www.tradingview.com/x/Cdzo1ftC/

Day-Ahead and Tomorrow

Currently, WAVES is trading at $17.25. The price has increased from the opening price of $16.78. Thus, the market looks healthy.

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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. Hence, we can expect some price adjustments amidst an overall bearish trend.

The OBV indicator is falling gradually. Thus, selling pressures are building up. Hence, we can expect a price pullback, as selling volumes are rising.

The RSI indicator is currently at 48%. It has just rallied from the 30% mark. However, the selling pressures are still high. Hence, we can expect a price pullback.

WAVES Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $17.05. As the oscillators are indicating a price drop, we can expect the price to fall below the first support level of $16.46 in some time. If the bears remain strong, by day close we can expect the price to fall below the subsequent support levels of $16.10 and $15.51, respectively.

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The price has tested and fallen below 38.2% FIB retracement level of $17.37. If the price tests and breaks out of the 23.6% FIB retracement level of $17.60, we can be assured that the bullish trend is strong. In that case, we can expect the bull-run to continue tomorrow as well.

#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.