- WAVES token price is seeing a strong selling pressure from the past few weeks . This may push the price to test the lower support of $8
- Technical indicators hints at a consolidated momentum in the asset price.. Meanwhile the price has seen a fall of 10.37% in the intraday session
Waves is currently ranked 64th according to its market capitalization of $1,456,970,533 .The volume along with the market capitalization has seen a more than 15% fall in the intraday session . Volume to Market capitalization ratio for the coin is hinting towards a downtrend for the upcoming days. Waves token price is down by 66% from it’s all time high. It may revert back to a bullish trend in the future.
Why To Invest In WAVES Token ?
Waves is set out for improving on the early blockchain platforms and products. It was launched in June 2016. The founder of the coin is Ukrainian-born scientist Alexander Ivanov who was an early promoter of the crypto currency. WAVES token is up by more than 1000% from last year’s trading price. It has an ROI of 952% which is higher than most of its competitors in the market. The platform of the asset has undergone various changes and added various spin-off features to build on its original design. WAVES is set out to disrupt the current blockchain products and platforms in the future.
Technical Indicator Forecast A Bearish Momentum For WAVES Price
Waves price is currently in a downtrend on the weekly chart. The price may hit the low of $8 in the upcoming weeks with the continuation of downtrend. It is currently trailing below 50 and 100 Daily Moving Average. The 100 DMA(Yellow ) line is at $16.626 making it temporary resistance for the asset price. The coin price might face resistance on the upside at $25. Meanwhile the bounce back for the coin can be observed from $8. If it jumps down below the $10 level , then one can expect a strong downtrend in the future. WAVES/BTC pair is also on a bearish trend and can observe a strong bearish trend in upcoming days.
RSI(Bearish): It is currently at 38.15 , making its presence shown in the neutral area. There is a small negative slope formation, showcasing that price might be in a downtrend. RSI hints a bearish sentiment for the price
Conclusion
WAVE interpolable nature has acted as a catalyst for the price. WAVE token price gains have been erased in the past trading sessions but it can soon revert back to the uptrend. WAVE/BTC pair might also see a strong trend in the future. An investor should do their due diligence before investing.
Technical Levels
Major Support:$8
Major Resistance:$25