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Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support

waves

Published June 23, 2022

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Earlier this week, the WAVES price witnessed a significant inflow and jumped above the $6 resistance. However, a downsloping trendline of descending triangle pattern prevented further recovery and plunged the altcoin below $6. The sustained selling could lead the coin price to $4.3 bottom support

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Key points: 

  • Failed attempt from WAVES price to sustain above $6 may plunge the coin price to $4.3 
  • The coin buyers mount strong support at $4.3
  • The intraday trading volume in the WAVES is $816.9 Million, indicating a 56.5% hike

WAVES/USDT ChartSource- Tradingview 

In the walk of USDN stable coin de-pegging from the dollar, the WAVES/USDT pair witnessed a massive sell-off, slumping it to a low of $4.16. Furthermore, the May-end recovery rally tried to carry the altcoin higher but couldn’t surpass $12.

Later June’s second week brought another wave of selling pressure and plunged the WAVES price back to $4.16. This level managed to stall the falling price twice, validating it as legitimate support.

On June 18th, the WAVES price rebounded from the $4.3 support and breached the immediate resistance of $6 with a long bullish candle. However, the retest candle closed below $6, indicating a fake breakout.

If selling pressure persists, the coin price will tumble 30% and sink to the bottom support of $4.3.

Moreover, the technical chart shows a descending triangle pattern bolstered sellers for this fakeout, and responding to it; the coin holders could also lose $4.16 support.

Technical indicator

The coin price failed to sustain above the midline of Bollinger band indicators to bolster the fakeout theory from $6 and should encourage a fall to $4.3.

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Concerning the past two retests to the $4.3 support, the daily-RSI slope shows an evident positive divergence. This divergence indicates growth in bullish momentum, suggesting a possibility of a bullish breakout from the pattern.

  • Resistance levels- $7.38, and $8.34
  • Support level- $5.21 and $4.3

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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