- WAVES Coin Price has taken support at the long-term support zone of $ 7.50
- The coin looks set to continue in its current zone over the next few trading sessions
WAVES Coin Price has been on a descending wedge pattern over the last three months on the daily chart. However, the coin seems to have taken support at the zone of $ 7.50 which has been a long-standing support zone for the coin. The coin looks to consolidate between $ 7.50 and $ 11.50 over the next few trading sessions before making any directional changes. Traders must look out for any movements on the chart that challenge the status quo. The coin saw high volumes at the point of long-term support. It remains to be seen how the coin moves as it nears the resistance zone of the bearish wedge pattern.
WAVES Coin Price has been on a descending triangle pattern on the hourly chart, with the support at $ 9.30 and the resistance being the downward sloping trendline. The coin has strong support at the $ 8.00 level for the short term. The stochastic RSI chart indicates that the coin is underbought at the current level hinting at a bullish turnaround for the short term. The next resistance level for the token lies at $ 12.80 on the hourly chart. Traders can keep an eye for any possible directional changes from the descending triangle and place their trades accordingly.
Conclusion:
The token has been on a bearish wedge pattern for the last quarter and looks to continue in the zone over the next few trading sessions. The token has taken support at a long-term support level within the pattern and it remains to be seen if the coin breaks out of the wedge pattern over the next few days.
Support: $ 8.00
Resistance: $ 12.80
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.