MEXCWAVES Price Prediction: Can This Be A Reliable Bounce Back?
WAVES price bucks the previous session’s trading momentum on Wednesday. The price manages to rebound from the lows around $11.80 and oscillates around a critical level. To manage the uptrend the price must stay above $14.0.
- WAVES price records 12% gains on Wednesday makes room for more gains, possibly.
- Investors can expect WAVES to continue to move higher and retest the daily supply zone extending from $17.70 to $16.0
- A jump in trading volume on the 4-hour chart supports the bullish bias.
As of press time, WAVES/USD is trading at $13.62 up 12.03% for the day. The 24-hour trading volume of the cryptocurrency is holding at $517,810,244 as updated by CoinMarketCap.
WAVES price looks for reversal
WAVES price has been trading in a medium-term downside momentum since March 31. WAVES concluded a more than 600% upside run with record highs of $63.69. But the bulls lack the conviction to carry forward the gains further. WAVES dropped sharply to touch the pre-support level near $11.
However, the mentioned support acted as the cushion for the falling prices. As looking at the 4-hour chart, the price challenges the prevailing trend as it attempted to test the 50-day EMA (Exponential Moving Average at $14.22.
Now, a sustained buying pressure could push the price further towards the higher side at least in the short term as a technical bounce back. A decisive break above the mentioned level would pave the way for $16.0 next.
Next, market participants would pick up the pace to take out $18.0.
The Relative Strength Index (RSI) rises sharply above the average line with a jump toward 60. This indicates bulls are in control of the price.
On the other hand, a daily break below the session’s low will trigger a fresh round of selling in the asset. In that case, the sellers would like to revisit lows last seen in February near $8.80.
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