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Waves Price Analysis: WAVES Price Needs $8 Pullback Before Its Next Jump

waves

Published June 2, 2022

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The WAVES price rising for four consecutive days registers a 130% gain from the $4.18 low. Moreover, the buyers gave a high volume momentum breakout from the $8.14 resistance, offering a long opportunity for interested traders. However, the altcoin facing supply pressure near $10 may undergo a minor pullback before continuing to rally again.

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Key points: 

  • The WAVES price shows long wick rejection near the $10 resistance
  • The coin price jumps above the upper band of the Bollinger band indicator
  • The intraday trading volume in the WAVES is $3.3 Billion, indicating a 20% hike

WAVES/USDT ChartSource- Tradingview

Amid the de-pegging of the USDN stablecoin from the US dollar, the WAVES price witnessed a massive sell-off in the past two months and plunged to a low of $4.18. This downtrend tumbled the coin price by 93.3%, down from the All-Time high of $62.36.

However, WAVES price experienced a sudden turnaround with the recent announcement of the USDN Revival Plan projected by the WAVES team. The coin price bounced back from this new support and rallied 130% higher to its current price at $9.66.

The recovery rally has breached the $6 and recently $8 resistance suggesting the buyers aim for another leg up. However, despite a high volume breakout and follow-up candle, the high-wick rejection attached to these candles indicates the buyers struggled to reclaim $10.

Thus, summiting the high supply pressure and the WAVES price may trigger a minor pullback to retest breached resistance of $8. If buyers sustain through this retest, the altcoin will rise 30% to hit the $12 mark.

Technical indicator

The daily-RSI slope sustaining above the neutral line(50) indicates a positive sentiment among traders.

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The WAVES price jump pierced through the Bollinger band indicator’s upper band accentuates a sudden unhealthy pump. This bolsters the pullback theory, which should find support at the $8 mark. 

  • Resistance level- $12.1, and $16.7
  • Support level- $8 and $6

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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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