NewsletterWaves Price Analysis: Rising RSI Hints Potential Rally To $20 Mark
Though the largest cryptocurrency, Bitcoin, is on its fifth losing streak, the Waves coin fights off the broader market sentiment and turns green on the intraday chart. The altcoin rebounds from the $12.75-$12 support zone with a morning star candle and reaches the $14.48 mark. The WAVES price shows a 12.3% intraday pump with eyes on the $17 mark.
Key points:
- The prevailing market sentiment triggers a death crossover among the 50-and-20-day EMA
- The WAVES price shows a bearish engulfing candle on the monthly chart
- The intraday trading volume in the WAVES is $564.2 Million, indicating a 64.5% hike
Source- Tradingview
April was one of the worst trading months for WAVES holders, registering a total loss of 76.5%. The altcoin turned down from the record high of $62.36 and breached multiple support levels before hitting its current foothold at $12.
On May 5th, the WAVES buyers attempted to breach an overhead resistance of $17; however, the ongoing sell-off in the crypto market raised the selling pressure. As a result, the altcoin dipped 24% lower to retest $12 support again.
However, even though the market continues to follow a red flag, the WAVES is 12% high on the intraday level, making its way to $17.
If WAVES buyers manage to breach the resistance level this time, the follow-up rally will soar the altcoin 18% high to the $20 psychological level.
The bullish thesis invalidates if sellers dump the coin price below the $12 mark, threatening a freefall to 30%.
Technical indicator
The declining 50-day EMA offers a death crossover with a 200-day EMA. This sell signal could obstruct the potential bull run.
On a contrary note, a significant bullish divergence in the daily-RSI slope suggests the demand pressure at $12 support. The rising bullish momentum would bolster the $17 breakout.
- Resistance level- $17 and $20
- Support levels- $12 and $8.35
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
