MEXCWaves Price Analysis: Can The Fast-Recovering WAVES Price Hit $12?
The WAVES team’s master plan to revive the entire functioning of its ecosystem’s DeFi Protocols has brought the investor’s attention back to their coin. Amid the announcement, the altcoin rebounded from a new lower low of $4.18 and spiked 120% higher to $9.69. Moreover, this fast recovery has breached a significant resistance of $8.4, offering a breakout opportunity.
Key points:
- The WAVES price has knocked out the 20-day EMA resistance
- The daily-RSI slope reentered the bullish territory
- The intraday trading volume in the WAVES is $3.45 Billion, indicating a 1775% hike
Source- Tradingview
The WAVES/USDT technical chart represents a roller coaster ride as from late-Feb to march end, the altcoin witnessed a parabolic rally and hit a New All-Time High of $62.36. Later, the de-pegging of the USDN stablecoin from the US dollar triggered a massive sell-off in WAVES price
From the April 1st high of $62.36, the WAVES/USDT pair experienced a two-month downfall which recently marked a low of $4.4. As a result, the downtrend devalued the altcoin by 93.3%.
Furthermore, the WAVES price shows some significant recovery, registering a 120% gain in just two days. The sudden pump has responded to the recent announcement made by the WAVES team about the USDN revival plan.
Time for the #Waves DeFi Revival Master Plan! 📜
Here is the plan to build Waves #DeFi back better than ever 👇🏻https://t.co/tVuM3ld7pn
— Waves 🌊 (1 ➝ 2) (@wavesprotocol) May 27, 2022
This news-driven rally has breached the $8.2 resistance with a long bullish candle and currently trades at $9.69. A daily candlestick closing above this resistance should validate the breakout opportunity.
The potential rally could drive the WAVES price 25% higher to the $12 mark.
Technical indicator
The aggressive sell-off has mounted a significant gap between the downsloping crucial EMAs(20, 50, 100, and 200). However, the recent price has reclaimed the first-moving 20 EMA, bolstering the recovery theory.
The daily-RSI slope reflected a similar pump and surged above the neutral zone.
- Resistance level- $12, and $16.6
- Support level- $8.4 and $6.36
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