WAVES price slides lower toward the monthly support amid the formation of a consolidation range. This could be a bottom-buying opportunity for the investors to lock in some handsome gains.
- WAVES price trades lower locating stable support to make a base for the new directional bias.
- The formation of consecutive ‘Doji’ candlestick suggests sellers exhaust near current levels.
- The oversold RSI skewed in favor of bulls but downside risk remains.
WAVES price looks for upside signs
WAVES price retraced 68% from the highs of $63.69 made on March 31. Now, the price found reliable support at around $20.0, the levels are last seen in early March. On April 6, the buyers further lost their patience and sliced the critical 50-day EMA (Exponential Moving Average) at $29.45.
However, since April 11 WAVES price is oscillating near the crucial support zone indicating a tug of war between bulls and bears.
A daily candlestick above $23.0 will produce more gains in the asset. On moving higher, the first upside target could be found at the horizontal resistance zone at $30.0.
An acceptance above the mentioned level would further encourage bulls to take out the highs of April 5 at $ 35.83.
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On the contrary, if the price slips below the session’s low it would invalidate the bullish outlook in the pair. In that case, the sellers would drag WAVES toward the horizontal support line at $15.0.
As of press time, WAVES/USD is trading at $21.32, up 0.56% for the day.
Technical Indicators:
RSI: The daily relative strength index trades near the oversold zone. A slight uptick in the oscillator would strengthen the bullish outlook.
Trading Volume: The 24-hour trading volume stands at $559,052,433.
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