Waves Price Analysis: WAVES/USDT Dips Back Down to Retest Last Low

  • Since early April, the WAVES token has been underperforming below a descending trend line.
  • In the context of the daily price chart, WAVES is struggling near the middle band of the Bollinger Bands indicator.
  • During the downtrend, speculators saw a 78% increase in trading volume compared to the night before.

WAVES Coin has been underperforming since early April. Meanwhile, buyers have lost almost 90% of the cost in the last 3 months from the 2022 high of 4.13 to the recent low of 4.13. During a downtrend, buyers have multiple attempts, but each attempt becomes a selling opportunity for bears.

Investors are constantly rejected for finding the right way to get into the upper sector. As a result, the bears are selling WAVES coins close to a downtrend line on the daily price chart.

Therefore, for the past few days, the WAVES coin appears to be in a sideways mode just below the downtrend line. Meanwhile, the altcoin is trading above 2022 lows against the USDT pair while trading at the $5.07 mark at the time of writing.

According to CMC data over the past 24 hours, the market capitalization of the WAVES coin is above $551 mln amid a sideways trend. Also, the WAVES coin belonging to the bitcoin pair is trading at 0.0002647 Satoshis, which is just over 2.8%.

During the downtrend, speculators saw a 78% increase in trading volume compared to the night before. Despite yesterday’s volatile session, the bulls are facing a one-sided trend again today.

WAVES price is still above the previous low

In the context of the daily price chart, WAVES is struggling near the middle band of the Bollinger Bands indicator. For their part, the bulls have an important coverage area in the low band.

Meanwhile, the Stoch RSI indicator is turning down and is about to plunge into oversold territory.

conclusion

As long as the cost remains below the middle band of the Bollinger Bands indicator, the sideways trend will continue in the WAVES coin. Buyers above the 20-day moving average can target the next resistance level.

Support Level: $4.2 and 4.0

Resistance level: $10 and $15

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment or other advice. Investing or trading in crypto assets carries a risk of financial loss.

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