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Waves cryptocurrency rebounded …

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Waves Crypto Up 1000% YTD 🚀 Can It Continue? | Technical Analysis & Price Prediction

Waves cryptocurrency rebounded ...

Cryptocurrency Waves rebounded but failed to break through resistance
CONTENT

  • WAVES is trading below the $ 3.15 resistance level

  • Altcoin is following the line of short-term downtrend resistance

  • The WAVES / BTC pair is trading under 25,000 support

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Altcoin Waves (WAVES) has been on the rise since September, but the rally has stalled after recently meeting important resistance

The most likely scenario is a decline in the direction of the support levels, which are discussed below..

Failed rebound

WAVES has risen in price since September 21, when the minimum of $ 2.07 was reached. The price reached a high of $ 3.61 on October 23.

Waves cryptocurrency rebounded ...

This high is located directly at the 0.5% Fibonacci retracement of the previous decline, which acted as resistance. Since the collision with this level, the quotes have been declining, dropping below the $ 3.15 level, which turned into resistance.

Despite the bearish trend, technical indicators are not signaling overtly negative signals. MACD is declining, however the Stochastic Oscillator continues to rise and the RSI is above the 50 level.

WAVES Chart by TradingView

Short term resistance

In the short term, the price has been following the downtrend resistance line since hitting the aforementioned Sept.23 high. Altcoin has confirmed the status of this line three times already and at the time of writing the analysis it was close to its next testing. This line also coincides with the 0.382% Fibonacci retracement level relative to the bearish move, which gives it additional significance.

In case of a decline, the immediate support is expected at the levels of $ 2.83 and $ 2.65, where the 0.5% and 0.618% Fibonacci retracements pass relative to the previous bullish move.

WAVES Chart by TradingView

The move from the highs is like a completed impulsive bearish move followed by an A-B-C correction. This speaks in favor of the rebound from the downward resistance line and the continuation of the decline in the short term..

WAVES Chart by TradingView

Couple Waves / BTC

Cryptocurrency trader @CryptoCapo shared on Twitter the Waves chart, pointing to the support level of 23,000 Satoshi, the loss of which could provoke a sharp acceleration of the fall. If the support holds, a prolonged rise can be expected.

Source: Twitter

Waves cryptocurrency rebounded ...

At the same time, the weekly chart shows that the price is slightly below the important support located at 25,000 Satoshi, which in 2018 served as a catalyst for an impressive rise.

Initially, the price broke above this level, but soon rebounded, resulting in a long upper wick on the charts.

If the decline continues, the pair may meet the nearest support level at 16,000 satoshi, which coincides with the upward support line from the December 2019 lows.

In the event of an upward breakout, significant resistance levels are not expected up to 70,000 satoshi, although at this stage, such a scenario is unlikely.

WAVES Chart by TradingView

So, the prospects for the WAVES / USD and WAVES / BTC pairs look relatively negative, especially in the second case..

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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