WAVES Technical Analysis: Price Declined by 14% in the Past Week


Waves is a PoS-based blockchain algorithm that provides the necessary framework and platform for the development of advanced and innovative decentralized applications. It provides developer-friendly infrastructure, essential tools, and customized products and services to enhance app development. It also provides wallets for storing and managing your digital money. WAVES is the prime governance token of this ecosystem and the technical analysis is as follows:

Past Trends

On April 14, 2021, WAVES started trading at $15.81. As of April 20, 2021, WAVES closed at $13.52. Thus, in the past week, the price has declined by approximately 14%. In the last 24 hours, WAVES has traded between $13.30-$13.84.

WAVES Price Analysis

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Day-Ahead and Tomorrow

Currently, WAVE is trading at $13.63. The price has increased from the opening price of $13.51. Thus, the market seems to be bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is positive. Hence, we can expect the price to rise further.

The OBV indicator is upward sloping. Hence, buying volumes are much higher than selling volumes. Thus, like the MACD indicator, the OBV indicator is pointing towards a positive price trend. Hence, the WAVES price is likely to go up further.

A few minutes back, the RSI indicator was in the ‘overbought’ region. Thereafter, it started falling and is currently at 42%. Thus, the RSI indicator is showing high selling pressures. High selling pressures are likely to push the price downwards. As the RSI indicator has given a bearish signal, in conjunction with the other indicators, we can say that the price is likely to rise with intermittent price pullbacks.

WAVES Technical Analysis

In new technical analysis, currently, the price is below the Fibonacci pivot point of $13.55. We can expect the price to surpass the first Fibonacci pivot resistance level of $13.76 in some time.

The WAVES price has tested and broken out of the 50% FIB retracement level of $13.57. It may break out of the 38.2% and 23.6% FIB retracement level of $13.63 and $13.71, respectively, as the bullish forces look strong as of now. We can expect the price uptrend to continue tomorrow as well.

 
 



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