- WAVES Coin is trading strongly bullish over the daily chart presently CMP at $20.73, resulting in an interesting pattern.
- The crypto asset is successfully trading above all 20, 50, 100, and 200-days Daily Moving Average.
- The pair of WAVES/BTC is trading at 0.0005008 BTC with an intraday gain of 21.41%, whereas the WAVES/ETH pair is CMP at 0.007602 ETH with a 24-hour positive change of 23.35%.
WAVES Coin price trading with a strong uptrend momentum. The trading volume has significantly increased by 43.19% in the intraday trading session. At the same time, the market cap value of WAVES has also expanded to 16.84%, and volume to market cap ratio is 0.5937. The WAVES coin is strongly favouring the bulls.
The token went through some interesting patterns over the daily chart. At first, WAVES got stuck in a descending parallel chain for a long term from October 2021. Apparently moved into a horizontal consolidation range in February 2022. At last, the WAVES Coin turned into a strong bullish rally from 28 February 2022. The WAVES coin consolidated in the horizontal range of $12.67 and $8.21 in its notice period. Buyers are happy to push their limits in the upward parallel channel to deliver the WAVES coin price to a $34.00 respectable level of resistance.
The WAVES coin price trades in a bullish rally, making an ascending parallel channel. The token is trading with strong upward momentum and trying to hike till the $34.00 resistance level. The bears may try to short the market in the meantime. However, the volume change is massively in support of the bulls, and they have to maintain volume above average also in their favour to achieve their goal. The token got into a strong uptrend when the 20 SMA line cut the 50 SMA on 28 February, and WAVES has been strongly bullish since then.
What is the Short Term View of WAVES Coin?
The WAVES crypto value is trading in a bullish rally into an ascending parallel channel. The token is trading strongly bullish over the daily chart. On the other hand, the technical indicators reveal the different side of the story as the short-term view of WAVES is that it may undergo a breakdown anytime. The WAVES coin may fall at any moment, and bulls need to sustain to avoid the downfall of the coin. The coin may fall most probably from the primary resistance level of $22.00.
Stochastic Relative Strength Index forecasts the presence of WAVES coin in the extreme overbought territory. The K and D both are present at the 100 mark, and they may generate a crossover at any moment now. It’s up to the bulls now to sustain the overbought territory.
MACD showcases the bullish behaviour of the WAVES coin. The MACD line is above the signal line in the positive zone with no intention of crossover.
Conclusion
The WAVES coin price trades strongly bullish over the chart into an ascending channel. However, the short-term view is confirmed by the technical indicators, which suggest the breakdown at any moment. The Bears may try to short the market at any moment in the intraday trading session. Investors need to wait for any directional change over the daily chart.
Technical Levels
Support Levels: $8.30 and $5.00
Resistance Levels: $32.00 and $34.00
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.