- WAVES coin price is in a strong downtrend on the daily time frame, and currently, it is trading at $26.92.
- The coin is forming a Flag and Pole Pattern in a 4 hour time frame.
- The pair of WAVES/BTC is trading at 0.00006878 with a decrease of -2.41 % in the market cap of the digital asset over the past 24 hours.
WAVES coin price is in a downtrend daily and faces continuous rejection of the red zone on a larger time frame, acting as a long-term supply zone.WAVES coin price is approaching the Supply zone of $37.29 on a daily time frame. The coin forms lower low and lowers high formation on a daily time frame. At present, the coin is facing rejection at a long-term supply zone on the weekly time frame, and thus if it can break out of the red zone on the upside, the coin can be seen moving upside. But if the coin faces rejection at the supply zone, it can fall rapidly. Currently, the coin is trading above all the crucial Exponential Moving Average (20, 50, 100) and could take support moving upwards.WAVES coin price has been trading in a small range from past trading days, and thus breakout on either side will trigger the big move. The coin is currently trading at the upper band of the Bollinger band indicator. Volumes have increased, and thus momentum on any side will continue for a long time due to high volatility.
WAVES coin price is forming Flag and Pole pattern on 4-hour time frame
Waves coin price has been in an uptrend on a lower time frame and the chart depicting the same as it has formed a bullish flag and pole pattern on a 4-hour time frame. The technical parameters are also seen supporting the trend.
Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame as it gave a positive crossover. The buyer’s (blue) signal line crossed the seller’s (orange) upside. If the coin breaks out of the red trendline, it can reach $30.71 and above. It is possibly making new highs if the momentum continues.
Supertrend: Recent bullishness in the cryptocurrency market has affected the super trend indicator. The indicator has given a buy signal after breaking the sell trendline line with a strong bullish candlestick pattern. If the coin price breaks out of the green supertrend indicator line, the indicator can be seen giving a sell signal. Until then, an investor should remain cautious.
RSI and ADX are showing bullish signs on daily time frame
WAVES coin price is in a downtrend on a larger time frame, and recently it formed a chart pattern. Once the coin breaks out of the pattern, it could trigger a massive move on the breakout side.
Average Directional Movement Index: ADX has been continuously rising from the past trading days, and recently, it crossed above 40, as the coin bounced off the demand zone at $8.59. The ADX curve is seen dropping, and it has turned sideways at present. Thus indicating a halt in the movement of the price and possible change in the structure of the price movement.
Relative Strength Indicator: RSI is trading at 73.38 as the coin forms a bullish reversal pattern. The RSI curve has crossed the 50 halfway mark, and thus now it could be seen falling back, the coin can be seen moving up, if the rsi does not fall, possibly giving a breakout of the Flag And Pole pattern. The RSI curve has fallen below the 20 SMA, indicating bearish momentum for the upcoming trading days.
Conclusion
As per the price action, WAVES coin price is forming a Flag And Pole bullish chart pattern. The technical parameters are also suggesting bullish momentum for the upcoming trading days. The investor should be cautious until the coin breaks out on either side. It remains to see if the coin breaks on the upside or bears trample the price down.
SUPPORT: $2.0 and $2.23
RESISTANCE: $34.7 and $32.9
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.