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28 March 2024
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Waves Price Analysis: WAVES Coin Falters after a V top, What’s Recovery Plan of Bulls?


  • Waves price after a strong surge till $64.00 has been falling with the V top pattern over the daily chart.
  • The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average. 
  • The pair of WAVES?BTC is at 0.000334 BTC with an intraday drop of 2.10%.

Waves price dramatically gained 670% throughout the March 2022 and then from the start of April the token started falling with a strong bearish reversal. The token ends up making the V Top pattern over the daily chart. The V Top pattern is a bearish reversal pattern which signifies the sudden fall in price of the crypto asset after surging till a respectable resistance level. WAVES token marked a benchmark by recovering till $64.00 by gaining 670% throughout the month. However, WAVES fell as bulls failed to sustain and peer sell off pulled WAVES from where it started its bullish momentum that is in the demand zone.

Waves price is presently CMP at $12.47 and has lost 5.22% of its market capitalization in the last 24-hour period. Trading volume has decreased by 10.04% in the intraday trading session. Volume to market cap ratio is 0.2061.

Waves price is declining with a strong downtrend momentum over the daily chart. The token must find a way to accumulate bulls and fulfil the demand in the demand zone. Gradually falling volume signifies WAVE coin’s fall. WAVES investors need to wait for any directional change over the daily chart. 

Support at the lower end is at $8.55 and resistance resides at $64.50 on the higher side.

When will Investors Witness High Tide WAVES?

Source: WAVES/USD by TradingView

Waves price falter to gather support after falling from the higher level. WAVES coin is trying to get a kickstart for a bullish reversal. It’s a matter of time to see if Waves return from the current level to make a double top pattern over the daily chart. WAVES investors need to wait for any directional change over the daily chart. Meanwhile, technical indicators haven’t updated any signal for the WAVES coin yet. 

Relative Strength Index showcases WAVES being oversold. RSI is at 26 and investors can expect any directional change upto 30.

MACD exhibits bearish momentum of the WAVES coin. The MACD line is below the signal line and waiting for a positive crossover. 

Conclusion

Waves price is declining with a strong downtrend momentum over the daily chart. The token must find a way to accumulate bulls and fulfil the demand in the demand zone. It’s a matter of time to see if Waves return from the current level to make a double top pattern over the daily chart. WAVES investors need to wait for any directional change over the daily chart.

Technical Levels

Support Levels: $10.00 and $8.50

Resistance Levels: $30.00 and $64.50

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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