WAVES Price Prediction: Bulls Drive Gains; Will he retest $2?

  • 1 WAVES cryptocurrency shows a retracement and is hovering near the 20-day EMA.
  • 2 WAVES price suffered a rejection from the $3 bidding zone and showed a return to the past.

The WAVES token has shown a reversal from above and has witnessed a trendline breakout over the past few sessions. Furthermore, buyers have exhausted their strength and are struggling to hold the 20-day EMA threshold. Meanwhile, the trend now signals caution for investors. Despite the rebound from the demand zone, buyers have failed to break out of the supply zone and are showing sellers’ hold near $3.

WAVES price action signals that sellers are now busy adding short positions and are eager to force the token price towards $2. Meanwhile, the immediate $2.20 support zone needs to be split to trigger a fresh sell-off. According to technical data, the token is forming the uncertain candle and providing consolidation in the context of the uptrend. Along with the retracement, the token has now finished the higher high and observed a lower high, which creates pressure on the bulls.

At the time of writing, the WAVES token (Waves) price was at $2.40, with an intraday decline of 1.20%, showing a pullback in the recent session. Furthermore, the trading volume increased by 12.30% to $23.74 million, highlighting bearish action. The WAVES/BTC pair was valued at 0.0000465 BTC, while the market capitalization is $271.89 million. Analysts are neutral and suggest that the token’s price will retest $2.00 soon.

WAVES on daily charts shows rejection

Source: TradingView WAVES price chart

In the daily charts, WAVES cryptocurrency has failed to hold near the $3 supply zone and is revealing a retracement in recent sessions. Furthermore, the sellers are maintaining the momentum and trying to force the token to retest the 200-day EMA threshold. However, the 38.2% Fibonacci support zone exists at $2.20, which needs to be held.

The relative strength index (RSI) curve remains below the midline and shows negative divergence, which directs selling pressure. Furthermore, the MACD indicator showed a bearish crossover. Furthermore, the token may undergo corrections in subsequent sessions.

WAVES on weekly charts shows strong rejection from $3

Source: TradingView WAVES price chart

WAVES cryptocurrency showed a classic W-shaped pattern on the weekly charts and faced a sharp rejection from the 50-day EMA threshold. A bearish doji candle has been drawn, which is a sign of rejection. Furthermore, the token shows roller coaster and range bound movements from the $1.40 demand zone to the $3 supply zone. However, the upper $3 neckline has not yet been breached and the token faces selling pressure.

Summary

Waves Token (WAVES) is splashing profits and heading to retest the $2 support zone near the 100-day EMA threshold. Meanwhile, the trend has changed from bullish to neutral and indecision between bulls and bears has been witnessed in recent sessions.

Technical levels

Support Levels: $2.10 and $2

Resistance Levels: $2.50 and $2.80

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies or stocks carries the risk of financial loss.

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